Poundstretcher moves forward as standalone business
Like-for-like sales recalculated
November 22 2002
Discount retailer Poundstretcher is now operating as solo business under the direction of former Matalan chief executive Angus Munro.
Owner Brown & Jackson confirmed at its annual meeting that the transfer of the loss-making Your More Store, What Everyone Wants and Famous Brunswick Warehouse formats, to a subsidiary of South African parent company Tradehold has been completed.
Brown & Jackson chairman, Dr Christo Wiese said: “The senior management team at Poundstretcher Ltd is now on board under the leadership of Angus Monro covering buying, supply chain, marketing, store operations and store development.” Munro bought a stake in the business earlier this year.
Dr Wiese added that current trading is in line with expectations, with like-for-like calculations reassessed “to adopt a more conservative approach in respect of new store openings.” In the 12 weeks to November 16, Poundstretcher turnover increased by 2.6 per cent, with like-for-like sales up 8 per cent. For the first 19 weeks of the financial year like-for-like sales growth is 1.6 per cent .
Poundstretcher is slowing down its store expansion programme to focus on a new format, which will start to roll out next year. Four new outlets have been opened this year, and with a property review in progress, three stores have been closed so far. Poundstretcher operates about 330 outlets.
