Poundstretcher full-year like-for-likes grow 3%

In the year to the end of March, Poundstretcher’s total sales “grew strongly” as a result of opening 35 new stores, taking its estate to 403.

The value retailer aims to launch another 50 stores in the current financial year as it targets larger stores and plans to upsize its smaller stores.

Poundstretcher said its decision to move into larger stores enabled it to extend its food and toiletry ranges which improved average basket size and increased the frequency of customer visits to stores.

Poundstretcher has also invested in its online offer.

Poundstretcher said it is growing its Pet Hut pet food and accessories retailer and plans to open up to 50 standalone stores under this fascia by the end of 2014. It wants to grow Pet Hut to a 200-store retailer and aims to become the second largest pet specialist in the UK.

Poundstretcher chief executive Aziz Tayub said: “2014 has been an exciting year for Poundstretcher. There is still much to do but we are confident in and excited by our future prospects.”