Dealz Owner Reports 10.6% Revenue Increase For FY2018
Pepkor Europe, the European discount retail group that owns Dealz and Poundland, has reported a total revenue growth of 10.6% for the full year ending 30 September 2018.
Full year revenues at the group were €3,049 million, boosted by the continued expansion of its other European chain, Pepco.
Like-for-like growth on a seasonally adjusted basis was up 12.9% to €781 million.
The group noted that its underlying growth was partially offset by the closure of some 60 stores in the UK during the year.
The group said its performance across the board was pleasing, considering difficulties with closures in the UK as well as the introduction of a Sunday trading ban in Poland, affecting its Pepco chain.
“We ended the financial year very strongly, as our key brands focused uncompromisingly on the delivery of their respective business plans. Poundland’s return to like-for-like growth is encouraging and the continued growth of PEPCO clearly evidences the broad appeal of their value for money proposition in existing and new markets,” Andy Bond, CEO Pepkor Europe, said.
“Each of the Group’s brands sit within a core discount segment that is attractive to customers and growing at levels similar to that experienced online. Our established businesses are also financially strong, being profitable and cash generative. With a clear strategy in place, we are excited about our prospects for continued growth across Europe.