Pepco Group enjoys strong Christmas trading
Pepco Group, the owner of Pepco, Poundland and Dealz, has posted a 24% increase in group revenue to €1.65 billion in its first quarter. On a constant currency basis, revenue was up 27% year-on-year.
In the three months to 31 December, group like-for-like sales climbed by 13% on a constant currency basis, with all brands delivering strong growth. This included like-for-like increases of 4.4% and 19.7% respectively for Poundland and Pepco.
Trevor Masters, chief executive of Pepco Group, said: “We had a very successful Christmas trading period with record trading days at each of our brands, as we continued to outperform the wider market across Europe. We benefitted from re-building our stock to appropriate levels, enabling us to satisfy the strong demand that we experienced.”
The group performed particularly well in Western Europe, especially in Italy and in Spain. It is now planning to launch in Portugal in spring 2023.
During the quarter, Pepco Group completed 37 store renewals at Poundland, where it is continuing its Diamond refit programme with the addition of chilled and frozen food.
Masters added: “We are increasingly focused on leveraging the scale and diversity of the great business we have built to unlock the potential of the group as a whole, by combining the impressive strengths and capabilities of each of the brands we operate. Whilst the market environment continues to be challenging, we remain confident in the strength of our customer proposition and our price leadership position, as well as our ability to deliver against our strategic growth priorities.”
