Single-price value retailer Poundland has announced a 122% surge in its operating profit for the financial year ending March 2008, from £3.6m in the previous period to £8m. The results show the rising trend towards value retailers.
Poundland says that the trading figures demonstrate a strong and sustained growth, bucking the trend experienced by many retailers during challenging economic conditions.
Chief executive Jim McCarthy says: “In the current economic climate, Poundland’s unique single price strategy is providing even greater value to our loyal and expanding customer base.
“As Europe’s number one single priced discount retailer, we are perfectly positioned to take advantage of customers’ flight to value. Recently we have seen a significant 20% year on year increase in the number of AB shoppers who are now also benefiting from our amazing value. We will continue to grow our store estate significantly during 2008/09.”
He adds it has already opened 20 new stores so far this financial year, with a further ten to be added before Christmas, bringing its total number of stores to over 200.
Poundland sells all products for a pound and has almost 200 stores nationwide.