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Annual Results

Poundland sees FY pretax profits broadly in line

14 April 2016 07:33

Poundland said it managed its margin and costs well, which means that it will deliver pretax profits broadly in line with current market expectations.

CEO Jim McCarthy said:

"Against a tough retail background, this has been a transformative year for Poundland, strengthening further our position as Europe's biggest single-price discounter.

"We have added over 300 shops to our portfolio in the UK & Ireland, in particular in the South of England, substantially increasing our geographical reach and scale.

"The 99p Stores' conversion programme will complete by the end of April, at which point we expect to see the significant benefits of over 900 stores trading as one cohesive retail operation begin to materialise."

FULL-YEAR HIGHLIGHTS:

· Total sales, excluding Spain, increased by 18.4% (2015: 11.8%) on a constant currency basis

· Total sales, excluding Spain, increased by 17.9% to £1,310.4 million (2015: £1,111.5 million) on an actual currency basis

· Like-for-like sales decreased by 3.9% (2015: + 2.4%); in H2, like-for-like sales fell by 4.9% (2015: + 0.5%)

· Sales in Spain amounted to £15.4 million (2015: £5.4 million); trial is progressing well with a further update to be given at results in June

· Including new store openings, the acquired 99p Stores estate and Spain, 336 gross stores have been added to our store portfolio in the last 12 months, increasing the estate by 57%

· We ended the year with 906 stores (2015: 593) including 843 stores in the UK (2015: 547), 53 stores in Ireland (2015: 41) and 10 stores in Spain (2015: 5)

· Underlying pre-tax profits expected to be broadly in line with current market expectations

Story provided by StockMarketWire.com

Related Company: PLND

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