Poundland to create 2,000 jobs
Discount retailer Poundland has reported an 81 per cent rise in operating profits to £21.5m for the year to March 28. The Willenhall-based chain says it plans to open at least 50 new stores and create up to 2,000 jobs.
The Willenhall-based company opened 56 stores during its last annual period.
The business, which currently employs more than 7,500 staff and has 263 stores nationwide, sells everything for £1 and has about three million customers a week. It said its "impressive growth" would create jobs during the UK's recovery.
Chief executive Jim McCarthy said: "Market research shows the UK will take 800 Poundland stores so we have several more years of growing.
"We get an immediate response when we open a new store and by taking a lower margin than most retailers we build on value rather than profit.
"The standard of the displays in store and the service is much better than people anticipate."
Last week, McCarthy spoke to Insider about the group's expansion plans. At the time, he confirmed the group would undergo nationwide expansion with at least another 53 openings expected in the next year.
“We will continue to grow," he said. “We will have opened 20 outlets in Northern Ireland by the end of the year, and they are proving to be hugely successful.”
He also said that the group would record its best Christmas results over the festive period this year. He said: “We are confident of hitting all our targets this year. It’s going to be our best Christmas ever – customers want value and good quality products. At a time where people are shopping-savvy, we will be there to provide for their needs.”
However, McCarthy took the chance to dispel the "myth" that the bargain outlet has been trading better during the recession. “It’s a common misconception that we trade better when the economy is bad. We don’t – when there is a busy, vibrant high street, there are more people with more money spend in our stores," he said.
“We are a better business in good times. When 10 or 12 per cent of the high street is empty, it is not an attractive place for consumers to come and spend their money.”
The chief executive, who has been in charge of Poundland for the last three-and-a-half years, said that despite competition from other similar budget retailers, he is confident in the future of the business.
Stores have recently been opened in Northern Ireland with two more to open soon in Dungannon and Peterborough.
