Poundland reaps rewards from consumer squeeze
Poundland has increased its turnover to £642m and added 500,000 customers to its average weekly shopper numbers.
The Willenhall-headquartered budget retailer revealed the figures in its yearly accounts to 27 March 2011.
It reported the opening of 64 new stores taking its total number to 327 with underlying EBITDA of £31.7m – up 34 per cent. An average of 3.5 million customers were served each week - up from three million - with an extra 2,000 jobs said to be created.
It comes as Poundland recently announced its expansion into Europe with the opening of six Dealz stores in Ireland.
Chief Executive Jim McCarthy said: "We continue to modify and expand our product range to ensure our offer meets customer requirements.
"Our latest results show we are continuing to offer consumers the products they want at the amazing fixed price of just £1.
"It is clear that the challenging economic climate is set to continue for some time yet and that an increasing number of consumers will continue to seek exceptional value for money.
"Poundland is perfectly positioned to serve the needs of consumers who place value for money at the heart of their purchasing decisions."
