European discount retailer, Pepco Group, owner of the Pepco and Dealz brands present across Europe and Poundland in the UK, reported revenue growth of 12 percent. Sales at Pepco rose 20 percent. The growth was driven by 161 store openings including 146 Pepco stores and 15 Dealz stores.
Commenting on the results, Andy Bond, CEO, Pepco Group, said: “We continued to make good strategic progress in the first quarter, opening a record 161 new stores, most notably accelerating our Pepco openings in Western Europe with 55 openings. We upgraded 362 Pepco stores to introduce our latest ranges and layout and introduced a full chilled and frozen offer to a further 52 Poundland stores as part of Poundland’s holistic programme to enhance their proposition.”
“While Covid continues to present a potential downside risk to both consumer demand and product supply, at this point of the year and having navigated our most important trading quarter we remain committed to our existing full year profit guidance,” Bond added.
The company said underlying constant currency like-for-like (LFL) sales growth in Q1 was 0.7 percent. Pepco LFL growth was flat, impacted by continued supply disruption reducing availability and the widening of Covid restrictions limiting customers’ ability to shop, while Poundland Group LFL in Q1 was up 1.5 percent.