Poundland is back in like-for-like growth for the first time in two years, its new South African owner Steinhoff Group has revealed.
Steinhoff CEO Markus Jooste said Poundland, which it bought for £610m in September 2016, was “ahead of the value creation plan” in the quarter to 31 December. Poundland had revenues of £448m in the quarter. Steinhoff did not provide comparable year-on-year figures, but Jooste said it had returned to like-for-like growth on a comparable basis for the first quarter since December 2014. He added he was “extremely delighted” by the performance of Andy Bond, the former Asda CEO who took control of the chain late last year.
“We are confident that Poundland’s turnover will grow [in the current financial year] and certainly not shrink,” he said.
Steinhoff’s wider general merchandise business, including retailer Pep & Co, which is being introduced to the Poundland estate, grew first quarter revenues by 66% to €1.76bn with sales in Europe and the UK growing from €180m to €789m.
In its final results as a listed company Poundland said like-for-like sales fell by 3.9% in the year to 27 March 2016 and by 4.9% in the final six months of its financial year.