Poundland’s in the money

POUNDLAND has continued to prosper in the economic downturn as shoppers flock to the retailer in search of bargains.

Europe’s biggest single price discount retailer reported record sales of £780m in the 53 weeks to April – a 21.6 per cent jump – and a 22.2 per cent leap in earnings before interest, tax, depreciation and amortisation to £287.7m.

More than 4m bargain hunters a week shopped at Poundland over the period, pushing like-for-like sales 2.3 per cent higher. A third of shoppers now visit budget retailers of some kind, according to IGD.