130% profit hike spurs Poundland growth

Announcing bumper profits in the 12 months to March 2010, Poundland has reiterated its intention to create up to 2,000 more jobs with new store openings.

130% profit hike spurs Poundland growth

The discount retailer saw annual pre-tax profits leap 130% to £19.8m, from £8.6m the year before, and says it hopes to open up to 50 new shops in its present financial year. Poundland currently trades from 263 stores, which attract some 3m customers a week, and it believes the market could eventually support up to 800 outlets.

It also wants to open stores in retail parks, up to 30% larger than the chain’s existing outlets.

Commenting on the company’s results, chief executive Jim McCarthy said: “”With the economic uncertainty continuing, we’re seeing many more first-time shoppers joining our existing loyal customer base, and with this trend set to continue, I remain confident of our prospects for the current financial year.”

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