41% profit hike for Poundland

The failure of Woolworths has helped Poundland push its annual profits up by 41%.

41% profit hike for Poundland

In the year to March 29 the retailer, which sells everything for £1, saw operating profits rise to £11.8m from £8m in the previous year and like-for-like sales up 2.1%.

Chief executive Jim McCarthy said: “Consumers are having a tough time at the moment. Having a single price strategy is a big benefit, as it means they can budget easily as they shop”.

He also put the retailer’s results down partly to last year’s collapse of Woolworths: “We have also helped to mitigate some of the Woolworth closures this year, taking on 150 ex-Woolworths staff, and plan to open a significant number of ex-Woolworths retail units during the coming year.”

Poundland currently operates 212 stores and plans to grow the total to 250 this year.

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