Poundland has shown improving results, with revenue rising 1.6% in H1 for the half year ending 31 March 2019.
Growth driven by clothing
Revenue rose to £811m in H1, an increase of 1.6%. This was driven by a strong Q2 performance of +3.1%, improving on the results of Q1 where sales were +1.6%. The success of Pep&Co clothing was behind the results, as it saw a sales increase of 32.2% for H1.
Going forwards Poundland plans to continue to roll out its clothing brand Pep&Co, with plans to extend the range to all branches in the future.
The retailer is continually optimising its estate by exiting under performing locations. Over H1 store count rose to 875 after the retailer opened 20 new stores and relocated another five. Modest expansion is expected in the UK in the future but Poundland's parent company Pepkor has not said by how many.
Pepkor is looking to build on its European Dealz business. Sales increased by 14.2% in H1. Plans are to treble the amount of Dealz stores to 60 by the end of the financial year according to Checkout Ireland.
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