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Pepco Group H1 revenues increase by 17.5 percent

By Prachi Singh

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Business

Image: Pepco

Pan-European variety discount retailer, Pepco Group, reported first half revenue of 2,371 million euros, up 17.5 percent led by Pepco’s 28.9 percent growth.

The company said in a statement that half year like-for-like (LFL) sales growth of 5.3 percent was driven by LFL of 12.1 percent in the second quarter.

On March 31, Andy Bond stood down as Pepco Group CEO and Trevor Masters assumed responsibility for the CEO role on an interim basis.

Commenting on the results, Masters said: “We are very pleased with this set of results, considering the global disruption faced by our business. The market within which we operate is likely to remain volatile in the near term, due to the situation in Ukraine and ongoing global inflationary pressures. However, we have a clear and successful strategy to deliver on our sizable long-term growth opportunities.”

Pepco brand posted 18.5 percent LFL in the second quarter and 7.2 percent in the half year. Poundland Group LFL growth was 5.9 percent in the second quarter and 3.3 percent in the half year.

The company added that half-year underlying EBITDA is forecast to be within a range of 342 million euros to 350 million euros. Within this range, the group expects to remain on track to meet guidance for the full year.

The owner of the Pepco and Dealz brands in Europe and Poundland in the UK, opened 235 net new stores opened in the half year, excluding the impact of 43 Fultons stores closed following acquisition. Pepco brand opened 202 new stores, including 84 in the Western European markets of Austria, Italy and Spain. Poundland Group opened 33 net new stores.

dealz
Pepco
Poundland