41% profit hike for Poundland

The failure of Woolworths has helped Poundland push its annual profits up by 41%.

41% profit hike for Poundland

In the year to March 29 the retailer, which sells everything for £1, saw operating profits rise to £11.8m from £8m in the previous year and like-for-like sales up 2.1%.

Chief executive Jim McCarthy said: “Consumers are having a tough time at the moment. Having a single price strategy is a big benefit, as it means they can budget easily as they shop”.

He also put the retailer’s results down partly to last year’s collapse of Woolworths: “We have also helped to mitigate some of the Woolworth closures this year, taking on 150 ex-Woolworths staff, and plan to open a significant number of ex-Woolworths retail units during the coming year.”

Poundland currently operates 212 stores and plans to grow the total to 250 this year.

Check Also

OXO to showcase new products at Exclusively

OXO will be showcasing its new Steel Barware collection alongside its portfolio of Iconic products …