2010 Press Centre
Poundland profits up by more than 80%
Willenhall, West Midlands: Poundland, Europe’s biggest single price discount retailer, today announced results for the financial year ending 28 March 2010. Trading figures demonstrate strong and sustained growth, maintaining its track record of delivering consistent like for like growth across the economic cycle.
Impressive Growth
Poundland, which was recently acquired by Warburg Pincus, a leading global private equity firm, aims to continue its impressive growth with plans to open a further 50 new stores in 2010/11, creating an additional 2000 jobs.
Highlights for the year ending 28 March 2010:
• Operating profit of £21.5 million - up 81.5 per cent (2008/9 £11.8million)
• EBITDA of £30.1 million – up 50 per cent (2008/9 £20 million)
• Turnover £509.8 million (net of VAT) - up 28.7% (2008/9 £396.2 million)
• Like for like sales up 0.7 per cent*
• 56 new stores opened (net)
• c2,000 new jobs created
• £180,000 raised for Macmillan Cancer Support
*NB: No Retail price inflation as £1 has been the fixed price point for 20 years
Chief Executive Jim McCarthy commented: “Poundland offers customers a wide range of products at the amazing fixed price of just £1. Our latest results show that consumers from all income brackets are savvy enough to shop with us to save money from their shopping budget.
“We have added more branded products to our ranges and with these Poundland now offers over 1000 top brands to compliment the overall range of 3000 products, to give consumers an even greater incentive to shop with us.
“With the economic uncertainty continuing, we are seeing many more first time shoppers joining our existing loyal customer base and with this trend set to continue, I remain confident of our prospects for the current financial year.”
Poundland currently operates from stores across the UK, including Northern Ireland and welcomes over 3 million customers every week.
The top selling products include 12pk Kodak Batteries, 1.5kg Whitworths Sugar, Maltesers box, 2ltr Wisemans Milk, Wave Reading Glasses, Johnson & Johnson Cotton Buds, Emergency Tent, Rockband DrumSticks, Plush Meerkat and 3 LED Butterfly lights, offering exceptional value to customers.
Contacts
For interviews with Jim McCarthy, images or further information, please contact Emma Forbes or Carole Scott at BOTTLE PR on 01865 882 988 or email: poundland@bottlepr.co.uk
About Poundland
Poundland sells high quality products all for £1, providing customers with amazing value.
Serving over 3 million customers every week, Poundland is an irresistible shopping experience where shoppers are guaranteed to find quality brands and something new each time they visit.
With a growth strategy of at least 50 new stores during the 2010/2011 financial year, Poundland is on track to create approximately 2,000 new jobs.
Poundland is the original, the biggest and the most successful single price value retailer in Europe.
