Poundland set for expansion as bargain hunters give it a boost

DISCOUNT retailer Poundland has seen an 80 per cent surge in operating profit to £21.5m in the year to the end of March.

Poundland, which was recently acquired by private equity firm Warburg Pincus, said it aims to open a further 50 new stores over the next two years, creating 2,000 jobs.

Like-for-like sales were up 0.7 per cent in the financial year.

Chief executive Jim McCarthy said: “With the economic uncertainty continuing, we are seeing many more first time shoppers joining our existing loyal customer base financial year.”

The chain’s top selling products include Kodak Batteries, Whitworths sugar, and boxes of Maltesers.