Monday 26 September 2016

Dealz/Poundland to open 60 new stores across Ireland and UK next year

Published 18/06/2015 | 07:21

A Poundland shop in Glasgow, as the discount retailer, which faces a probe into its takeover of rival 99p Stores, said its annual sales topped £1 billion for the first time. Photo: PA
A Poundland shop in Glasgow, as the discount retailer, which faces a probe into its takeover of rival 99p Stores, said its annual sales topped £1 billion for the first time. Photo: PA

Discount retailer Poundland expects to open at least 60 new stores across Ireland and the UK during 2015-2016 as it looks to capitalise on its Dealz brand here.

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It currently has 41 stores across the country and opened ten outlets across the country in the year to the end of March.

The firm, which sells almost all its products at the single price point of €1.49 in Ireland, met forecasts with a 19pc rise in annual profit in its latest set of financial results.

It said that it made an underlying pretax profit of 43.7 million pounds ($69.1 million) in the year to March 29.

That was in line with analysts' average forecast of 43.6 million pounds and up from 36.8 million pounds made in the 2013-14 year.

Although it did not give individual results for Ireland the company said it serves about 300,000 customers a week here.

Poundland said sales for the 11 weeks ended June 14 grew 4.1 percent.

That compares to sales growth of 7.1 percent in the fourth quarter of the firm's 2014-15 year and growth of 10.2 percent in its third quarter.

Poundland said it expected the seasonally less important first half to be relatively subdued, reflecting tough comparative numbers and the weak euro. It said the outlook for the second half was better

Reuters

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