Poundland owner Pepco said on Tuesday that it will accelerate its previously announced store expansion plans after making a “strong” start to the new trading year.
Pepco plans to open roughly 550 stores in the current financial year, driven by growth in both central and eastern Europe, accelerating from the 516 net new stores opened in the previous year.
The increased number of openings comes as Pepco has witnessed heightened demand from new and returning customers amid pressure on household budgets across the continent.
Pepco also stated it expects revenues to grow in the “mid to high teens” as a result of increased like-for-like sales and its store investment plan.
The retailer, which posted a 17.4% uptick in revenues to €4.8bn in the year ended 30 September, said it had “outperformed” the wider retail market despite “challenging” economic conditions.
Chief executive Trevor Masters said: “Despite industry-wide short-term challenges, Pepco Group delivered another year of good progress and resilient trading performance, driven by our successful and proven strategy.”
Repotting by Iain Gilbert at Sharecast.com
