New-look Poundstretcher delivers the goods
New ranges selling well
May 16 2003
The revamped Pounstretcther stores are performing ahead of expectations.
Parent company Brown & Jackson said current trading at the UK discount chain is good, but warned that as its steps up the pace of store and product range revamps, “there will inevitably be some disruption with possible lower levels of like-for-like sales achieved.”
The company made the statement in advance of a visit by analysts and investors to see improvements in operating disciplines, store presentation and product development initiated under chief executive Angus Munro.
Former Matalan boss Munro took over Poundstretcher last year, and has completed a comprehensive review of the business. His revamp will include a change of name for the chain, with several new brands under consideration.
Last month Brown & Jackson said that sales in the first eight weeks of its year were up 7 per cent, with like for like sales up 5.5 per cent, The latest statement said: “Current trade remains good and in line with expectations, the new ranges have continued to sell well and the performance of the modernised stores is ahead of expectations.”
Despite any disruption caused by the revamps, the company expects to meet market expectations for the full year.
