Pepco reshuffles management team and issues profit warning
Pepco is making changes to its management team and has issued a profit warning for the full year 2023 due to an “increasingly challenging trading environment” in Central and Eastern Europe.
The Poundland parent company has altered its EBITDA for the full year to approximately €750m (£648m). The revised profit guidance is driven by weaker sales, continued inflationary pressures on costs and the “drag from investment in new stores”.
Pepco saw lower-than-anticipated revenues during August, which worsened in September as there was lower consumer demand for clothing and general merchandise, as well as “weaker than expected” performance from new stores.
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