Poundland owner Pepco reported a jump in revenue in the first quarter due to its status as an essential retailer and its introduction of new price points and product lines including clothing and homeware.
The discount store chain, which trades as Pepco and Dealz in Europe and Poundland in the UK, said group like-for-like sales across its open stores grew 5.5 per cent.
Poundland was able to continue trading throughout the three months to December 2020 and reported like-for-like sales growth of 4.3 per cent despite a drop in footfall.
Customer numbers fell as consumers sought to consolidate their shopping activity and avoid shopping centre and high street locations.
Poundland’s revenue was boosted by the continued strong performance of its Pep & Co clothing brand, the expansion of product ranges above and below the £1 price point and the expansion of its homewares line.
During the period Pepco added 87 new stores in Europe and renovated 38 Poundland sites to introduce chilled and frozen food sections and new price points across all categories.
Pepco chief executive Andy Bond said: “We anticipate that the consumer backdrop will remain challenging in the short-term.
“However, with our established growth strategy, centred on significant future store expansion within a structurally advantaged discount retail segment, and strong financial base, we believe that our future growth opportunity is greater than a year ago.
“Accordingly, we remain confident about our prospects for continued growth across Europe in the balance of the financial year and beyond.”