Dec 10, 2019

Poundland owner looks to expand in southern Europe

The owner of Poundland, the UK discount chain, wants to expand into Greece and Italy as part of a plan to triple sales and profits within a decade. Pepco, which is part of the troubled South African conglomerate Steinhoff but is likely to be sold or floated in the next two years, is already opening 300 stores a year in its main central and eastern European markets. Mr Bond said that, while the group has not set specific financial targets, the store rollout programme plus cost-cutting at Poundland has the potential to double profits in five years. Pepco reported earnings of €325m before interest, tax, depreciation and amortisation last year, on sales of €3.4bn. He reiterated that no decision has yet been made on whether Pepco, which as a brand is much more focused on clothing than Poundland, will be sold or floated. The growth potential of the Pepco brand in eastern Europe is likely to form the cornerstone of any pitch to investors.

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