Poundland Group sales $1.6 billionStaff writer ▼ | June 18, 2015
Poundland Group broke through the 1 billion pounds ($1.6 billion) sales milestone for the first time but said it has seen a challenging start to the new year.
Poundland Group Sales for the year ended March 29 rose by 11.4%
Sales for the 11 weeks ended June 14 were ahead by 4.1%. This compares to sales up by 18% in the first quarter last year, reflecting the benefits of a later Easter, good weather and the loom band craze.
Underlying full year pretax profit rose by 18.6% to GBP43.7 million, with reported pretax profit up 68.3% to GBP36.2 million. The company proposes a final dividend of 3.0 pence per share, giving total dividend payment for the year of 4.5 pence per share.
"Notwithstanding a challenging start to the year, I expect to see a year of growth for Poundland," said chairman Darren Shapland.
In May, Poundland said it proceed with an in-depth review by the U.K. competition watchdog into its proposed acquisition of fellow budget retailer 99 pence Stores. A decision is expected in October. ■