14th Apr 2015 06:24
LONDON (Alliance News) - Poundland Group PLC Tuesday reported an increase in revenue for the fourth quarter of its financial year and said results for its full year are in line with market expectations.
The retailer said total revenue, excluding operations in Spain, increased by 6.5% in the 13 weeks to March 29 to GBP255 million, from GBP239.5 million in the same period a year earlier.
However, it said that the contribution from new store trading weeks in the fourth quarter has been lower than last year due to the timing of store openings. Ten fewer stores were opened in the year as a whole than in the previous year which was a factor in a lower contribution to sales growth, it said.
The company said it has continued to develop its trial in Spain and is "pleased with the initial progress". There are five stores in the country at the end of the quarter, and a third store in Madrid has since opened.
"After a solid quarter of sales growth, Poundland's revenue for the 2015 financial year was over GBP1 billion for the first time. Despite tough trading conditions, Poundland continues to perform well and we served an average of 5.3 million shoppers a week during the quarter," Chief Executive Jim McCarthy said in a statement.
"We expect to continue to deliver our growth strategy in the new financial year, notwithstanding some headwinds from a weaker Euro and a tough comparable in the first half," he added.
Poundland will report its full year results on June 18.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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