The owner of British discount retailer Poundland has targeted 400 store openings across Europe in the upcoming financial year as it expands its Pepco brand, its boss said on Friday.
The group opened 327 new stores in the previous financial year, taking the total to more than 3,000 across 15 countries.
Pepco entered western Europe for the first time last year with openings in Italy and it plans its first venture into Spain in April or May.
CEO Andy Bond said its five stores in Italy have performed strongly since their openings.
“That has given us a lot of confidence that we can now start building Pepco into western Europe and that expands our market opportunity from roughly 100 million people to roughly 500 million people,” he said.
Pepco reported a 31 per cent drop in full-year earnings on Friday, largely due to coronavirus-related store closures.
Underlying earnings before interest and tax were €229m for the year leading up to 30 September, a drop from the previous year’s figure of €331m.
Sales rose 3 per cent to €3.5bn thanks to new store openings.