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Pep&Co parent reveals 12% revenue growth in Q1

Sophie Smith
13 January 2022

Pepco Group, owner of Poundland and Pep&Co, has revealed a 12.4% increase in group revenue for the financial quarter, despite the ongoing challenges of the pandemic.

For the three month period ending 31 December 2021, the group's total revenue reached €1.35 billion, with Poundland's revenue up 4.3% to €6.23 million.

Pepco credits this growth to the opening of 161 new stores, labelling it the "strongest ever quarter for store openings". Within this, Poundland opened 15 new stores.

Pepco Group's like-for-like sales growth in Q1 was 0.7%. Pepco's growth was flat, impacted by continued supply disruption reducing availability and the widening of COVID-19 restrictions limiting customers’ ability to shop.

Poundland's like-for-like sales growth was up 1.5% in Q1, which the group reports reflect the continued progress across all aspects of Poundland’s offer development programme, including range improvements in general merchandise and clothing.

Andy Bond, CEO at Pepco Group, said: "We continued to make good strategic progress in the first quarter, opening a record 161 new stores. It is particularly pleasing that despite the supply chain and demand challenges presented by COVID-19, which impacted trading across the peak season, the strength of the consumer proposition of all three of our brands ensured that we delivered a resilient trading performance.

“While COVID continues to present a potential downside risk to both consumer demand and product supply, at this point of the year and having navigated our most important trading quarter we remain committed to our existing full year profit guidance."

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