Poundland has hit a record £880m in sales

Poundland is aiming to more than double its number of UK stores after securing record total sales of £880m for the 52 weeks ending 31 March 2013.

During the period, the discount retailer achieved 14.6% growth in gross profits to £323.4m and made record underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of £45.4m, up 15.6% over the previous year.

With 458 stores across the UK, Jim McCarthy, CEO of Poundland, insisted the business was on track to open 1,000 stores should current growth continue.

“In the UK, Poundland is powering ahead. The discount sector is now a mainstream feature of the UK retail scene and, with total sales of £880m up 15% on the previous year, I’m confident that over time we will go on to open over 1,000 stores across the UK,” McCarthy said.

Poundland opened 69 new stores, growing its estate by 18% during the trading period.

It was also good news for Poundland’s new European chain Dealz after it achieved a profitable first year of trading. The chain, which opened in late 2011, has gone from two stores to 26, McCarthy said.

Poundland recently revealed plans to open a new 350,000 sq ft distribution centre in Essex that will create 650 permanent jobs, to cope with rising demand.