8th May 2014 09:44
LONDON (Alliance News) - Poundland Group PLC Thursday said it will meet profit expectations for its recent financial year, after delivering strong double-digit sales growth boosted by new store openings.
In a year-end trading statement, the discount retail chain which sells everything in its stores for GBP1, said it delivered a good underlying profit performance for the year ended March 31, as it managed costs tightly across the business and maintained its margin.
As a result, the group said it expects its underlying profit for the year to be in line with market consensus of between GBP26.6 million and GBP27.3 million.
Poundland said that total sales during the year increased more than 13% to GBP997.8 million, up from GBP880.5 million in sales a year earlier, boosted by the addition of 70 net new stores during the year, brining its total store estate to 528.
"Looking ahead, we will continue to manage the business tightly while investing in clear opportunities for future growth. We are confident in making further progress in the new financial year," said Chief Executive Officer Jim McCarthy in a statement.
Since its initial public offering earlier this year, the group has reiterated its plans to expand the business both at home and aboard.
Poundland said it plans to open 60 net new stores a year in the UK and Ireland, and to move towards 10 trial stores in Spain over the next two years.
Poundland shares were up 0.5% at 340.50 pence Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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