Poundland's like-for-like sales rise in Q1

Poundland's South African parent company, Steinhoff, has reported on first quarter trading for the three months ended 31st December.

Steinhoff reported that general merchandise sales in its European division - which includes Poundland - had risen by 66% to reach €1.8 billion.

According to Steinhoff's CEO, Markus Jooste, Poundland performed 'ahead of expectations' during the quarter and contributed £448m to sales.

Steinhoff said: "The UK operations have now gained significant scale and management is focused on executing its value creation plan in terms of introducing a multi-price point product range, expansion of product ranges to include clothing, optimisation of the store network and collaboration with the greater Steinhoff group on supply chain initiatives."

In the UK, Steinhoff also owns the furniture chains Harveys and Bensons for Beds.

Poundland recently revealed that it is to close down its transactional website. 

Learn more about Steinhoff's acquisition of the Poundland business for £597m, last summer. 

Source : Insight DIY

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