Poundstretcher reports 6% sales increase for 2014 and plans to expand

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DownloadedFileDiscount chain Poundstretcher has reported a 6% increase in like for like sales in the first quarter.

Aziz Tayub, chief executive at Poundstretcher, said: “We are currently experiencing double digit growth across our food and household business and are extremely confident that we can continue this trend.

“When it comes to providing quality branded products, Poundstretcher is cheaper than any other discount store on the majority of food, confectionery, soft drinks, toiletries and household goods.

“It’s great to know that our loyal shoppers value this and are continuing to support our business, enabling us to drive like for like growth.”

As one of the largest discount retailer chains in the UK, Poundstretcher currently has 407 stores and has plans to open an additional 30 stores during the remainder of this year.

The Pet Hut, which shares more than 70 UK locations with Poundstretcher, is also reported to have experienced an excellent start to 2014. As the UK’s only discount pet retailer, it plans to expand rapidly to deliver 100 stores by the end of the year and is set to launch its online store in September this year.