Sales drop to weigh down Poundland profit figures
![Poundland's underlying pre-tax profits have dropped 11 per cent. Picture: Contributed](https://www.scotsman.com/webimg/legacy_elm_46613915.jpg?crop=3:2,smart&width=640&quality=65&enable=upscale)
![Poundland's underlying pre-tax profits have dropped 11 per cent. Picture: Contributed](/img/placeholder.png)
The group is expected to report an 11 per cent drop in underlying pre-tax profits to £38.7m for the year to March 27, with sales declines rising in the final six months.
The group issued a warning on profits in January after Christmas trading was hit by poor numbers of shoppers on the high street, and trading has remained under pressure since then.
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Hide AdAndrew Porteous, analyst at HSBC, said: “It may take some time for the business to stabilise like-for-like growth, given momentum and lead times in ordering seasonal stock.”
Porteous added that the “strategic intentions” of incoming chief executive and former B&Q UK and Ireland boss Kevin O’Byrne “will also be key in the longer term”.