Budget retailer Poundland has shaken off the post-Christmas woes engulfing the high street by posting a rise in festive sales of almost 4%.
The retailer said like-for-like sales had risen by 3.9% in the five weeks to 4 January, while overall sales rose by more than 24% compared to last year thanks to a spate of store openings.
The group, which plans to open at least 30 news stores this year, creating 1,000 jobs, joins Sainsbury’s among the winners in the battle for Christmas sales. Key rival Poundstretcher has yet to announce its latest sales figures.
“It is clear that Poundland has been one of few retailers reporting growth during the 2008 Christmas trading period,” said chief executive Jim McCarthy. “We are well positioned to capitalise on the continuing strong customer trend to shop savvy and seek value for money.”