Dealz-owner Posts 11.9% Sales Increase In First Half
Dealz-owner Pepkor Europe, has reported a 11.9% sales increase for the second quarter and for the half year ended 31 March 2019.
The European retail group, has posted sales of €1.7 billion in the first half of its financial year, an increase of 14.2% on the same period last year.
The discounter which also operates Poundland and PEPCO in the UK said in its trading update that the strong total revenue growth was driven ‘primarily by continued expansion of the PEPCO format in Central Europe’.
“Pepkor Europe is rapidly developing into a strong, geographically well balanced pan European variety discount retailer,” Andy Bond, CEO Pepkor Europe, said.
Recognising the later Easter in 2019, momentum established in the first quarter was broadly maintained with total revenue growth of 12.5% in the second quarter, the group highlighted in its latest trading update.
“The strength of the Group’s trading performance in the first half year reflects our market leading positions within a core discount segment accessed by an increasing number of customers,” Bond added.
Dealz ‘Trading Well’
The mainland European Dealz business continues to trade well and is developing towards the ambition to trade from around 60 stores by the end of the financial year, representing a trebling of stores in the 12 month period, the group outlined in the report.
Looking ahead, Bond said: “We continue to confidently expand PEPCO and our belief that the Dealz format in mainland Europe can provide an exciting additional source of growth is increasing.”
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.