Poundland records strong sales growth and opens first Dealz store in Spain

First Dealz store in Spain

First Dealz store in Spain

Poundland, Europe’s leading single price discount operator, has reported full-year sales growth of 13.3% to £997.8m, driven by new store openings and mature stores.

The group opened 70 net new stores in the year to 30 March 2014, taking the year end store number to 528, with new stores contributing 11.4% to total sales growth.

Like-for-like sales growth in the year was 1.9%.

Strong trading momentum is reported to have been sustained through Q1 of the new financial year, with total sales reported to be up 18% to £262.6m.

The group opened nine net new UK stores in the latest period, and began the low cost/low risk trial of the multi-price Dealz format in Spain on 2 July 2014, with the maiden store in Torremolinos.

Jim McCarthy, chief executive of Poundland, said: “This was a transformational year for Poundland culminating in our successful IPO in March. I am pleased to report that in our maiden set of results we have delivered excellent growth in sales, as well as in underlying EBITDA and EPS, whilst generating strong cash flow.

“In addition to strong trading in the UK, the next leg of our international expansion is now underway with the opening yesterday of our first Spanish store in Torremolinos.”