Poundland, Pepco and Dealz owner Pepco Group has seen a 16.8% increase in core earnings, as revenue growth from new store openings offset pandemic closures. The company also operates the budget Pep&Co fashion brand.
Pep&Co continues to be a strong retail pillar for Poundland.The UK discount giant is backing the success of its budget clothing brand, opening two standalone stores in the Midlands as part of wider growth plans.
So far, 350 open, 50 more planned. Discount chain Poundland is on the way to reaching its target of operating 400 Pep&Co fashionwear shop-in-shops across the UK and Ireland (where it trades as Dealz) by September.
Poundland and Dealz owner Pepco had a good Christmas quarter compared to many in the UK and European retail sectors. But same-store sales still fell 2.1% due to pandemic-linked store closures. Reported revenue rose 9.1%.
Budget retailer Poundland has announced a major new transformation programme designed to take it through the next decade. The programme will also see the company testing out online delivery for the first time.
Warnings that the UK retail environment will remain challenging during the rest of the year may deter many large chains from investing in bricks-and-mortar but Poundland is planning to open six new Pep&Co shop-in-shops.