Poundland parent Pepco’s profits drop as it ramps up European expansion
Poundland’s owner Pepco Group has reported an uplift in full-year sales as it plans to open 400 new stores per year.
Pepco Group reported a 30.8% decline in underlying EBITDA to €229m (£198.2m) in the year to September 30, which the business attributed to Covid-19-related closures across Central Europe as its Pepco fascia, which sells clothing and homewares, did not qualify as an essential retailer.
The retail group’s revenue rose 3% year on year to €3.5bn (£3bn) during the period.
Group chief financial officer Nick Wharton hailed the group’s resilient performance in the year, noting that 1,200 stores, accounting for more than 40% of Pepco’s global estate, had to be shuttered at some point over the financial year due to various local lockdowns.
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