Poundland Sees Profits Increase By 47%

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1 June 2009 Poundland, Europe’s largest single price discount retailer has announced results for the financial year ending 29 March 2009. Trading figures demonstrate strong and sustained growth, bucking the trend currently experienced by many retailers.

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Highlights for year ending 29 March 2009

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• Operating profit of £11.8 million - up 47per cent.(2007/8 £8 million)
• EBITDA of £20 million – up 27per cent. (2007/8 £15.7 million)
• Like for like sales up 2.1per cent
• 41 new stores opened

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Chief Executive Jim McCarthy commented:

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Chief Executive Jim McCarthy commented: “Consumers are having a tough time at the moment. Having a single price strategy is a big benefit, as it means they can budget easily as they shop. “With over 800 top brands available in store, we are adding brands such as Maxwell House, Kelloggs, Heinz, Pampers and Mr Muscle. We will continue to add to these fantastic lines, offering amazing value at £1.”

“We will also continue to grow our store estate significantly during 2009/10 and foresee the total number of stores at 250 by the end of 2009/10. We have also helped to mitigate some of the Woolworth closures this year, taking on 150 ex-Woolworth’s staff and plan to open a significant number of ex-Woolworths retail units during the coming year.”

Poundland currently employs over 6,500 colleagues and now has 212 stores nationwide.