Poundland cemented its position as the big winner from the recent slew of retailers joining the stock market as its shares soared 15% above its listing price and the company virtually hit the £1 billion sales barrier.
The discounter today said sales jumped 13% to £997.8 million in the year to the end of March. It also saw an 18% sales rise to £262.6 million in the three months to July 2, although pre-tax profits dropped 18.9% to £21.5 million from the £10 million flotation.
Poundland shares were up 4.4% today at 343p, having listed at 300p in March.
Chief executive Jim McCarthy said the change in shoppers’ attitudes meant they had switched to discounters permanently.
He said: “I think Aldi and Lidl have done a good job in helping people feel savvy when they shop, especially shoppers with more disposable income.” More than one in five Poundland shoppers are in the AB customer bracket, he added.
Around 60 stores will be opened in the UK and Ireland this year, adding to the 528 so far, and a trial site of its international business, Dealz opened in Torremolinos.
