Discount retailer Poundland has said today that its profits will be at the lower end of the scale for the year due to a quieter high street, despite its purchase of rival the 99p Store.
Figures show that with the help of the 99p Store, overall sales rose 29.4% in the 13 weeks to 27th December, with Poundland contributing 9% points and 99p Store contributing 21.1% points.
The company commented: “Whilst our Christmas and Halloween product offer was our strongest ever and December saw an improvement in sales growth, UK high street footfall remained below last year and this has impacted our overall sales growth.”
With the company planning to convert the other 227 99p Stores into Poundland Stores by April and opening its tenth Dealz store in Spain, Jim McCarthy, chief executive said: “In addition, we remain on track to open around 70 net new Poundland and Dealz stores in the UK and Ireland in the full year.”
