Retailer Results / Poundland

16/06/2016

Poundland

Full Year Results
Full Year Results for the year ended 27 March 2016

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14/04/2016

Poundland

Trading Update

Highlights

• Total sales, excluding Spain, increased by 18.4 per cent (2015: 11.8 per cent) on a constant currency basis
• Total sales, excluding Spain, increased by 17.9 per cent to £1,310.4 million (2015: £1,111.5 million) on an actual currency basis
• Like-for-like sales decreased by 3.9 per cent (2015: + 2.4 per cent); in H2, like-for-like sales fell by 4.9 per cent (2015: + 0.5 per cent)
• Sales in Spain amounted to £15.4 million (2015: £5.4 million); trial is progressing well with a further update to be given at results in June
• Including new store openings, the acquired 99p Stores estate and Spain, 336 gross stores have been added to the store portfolio in the last 12 months, increasing the estate by 57 per cent
• The year ended with 906 stores (2015: 593) including 843 stores in the UK (2015: 547), 53 stores in Ireland (2015: 41) and 10 stores in Spain (2015: 5)

Summary

It has been a tough quarter for the core business, which was impacted by difficult market conditions and disruption from the accelerated pace of delivery of the 99p Stores’ conversion programme.

In the last financial year, there were an additional 331 gross stores to the Poundland estate in the UK & Ireland (an increase of 56 per cent) upon the conversion of 99p Stores. Given the opportunities that this greater scale presents, it is appropriate in the current financial year to concentrate upon extracting value from a significantly enlarged store portfolio. Management has therefore indicated that there will be fewer new stores in FY 2017.

Commenting on the statement, Chief Executive Jim McCarthy, said "Against a tough retail background, this has been a transformative year for Poundland, strengthening further our position as Europe’s biggest single-price discounter. We have added over 300 shops to our portfolio in the UK & Ireland, in particular in the South of England, substantially increasing our geographical reach and scale.

"The 99p Stores’ conversion programme will complete by the end of April, at which point we expect to see the significant benefits of over 900 stores trading as one cohesive retail operation begin to materialise."


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