Poundland has posted an uplift in sales during the crucial Christmas trading period as its Pep&Co clothing concessions helped drive footfall.
The value retailer’s like for likes advanced 1.3% during the three months ending December 2019, according to figures filed by its parent company Pepco.
Poundland enjoyed its “record trading day” on December 23, Pepco said, as it served almost 1.6 million customers.
Pepco, which also owns the Pepco and Dealz fascias in Europe, said Poundland’s revenues were buoyed by Pep&Co concessions and the “introduction of extended product ranges at price points above and below the £1 anchor price point”, particularly across the health and beauty, household and grocery categories.
The Poundland and Dealz businesses combined delivered a 3.1% increase in total sales during the period to €546m (£463.1m).
Sales across the group’s eponymous Pepco fascia jumped 6.6% in like-for-like terms and 24.6% on a total basis to €597m during the period.
The wider Pepco Group said like-for-like sales increased 3.9%, while total revenues jumped 13.3% to €1.1bn.
Group chief executive Andy Bond praised the retailer’s “operational and strategic progress” during the quarter, following a focus on growing the Pepco store portfolio and “day-to-day retail execution”.
He added: “With an established strategy, leading customer proposition within a structurally advantaged discount retail segment and a strong financial base, we remain confident about our prospects for continued growth across Europe in the balance of the financial year and beyond.”
Earlier this week, Sky News reported that Poundland’s former owner, Advent International, had teamed up with private equity firms Hellman & Friedman and Mid Europa Partners to prepare a bid for Pepco.
Embattled South African conglomerate Steinhoff, which owns the Pepco Group, wants to float the division and could seek an offer of at least £4bn from a private bidder in order to scrap those plans.