Pepco Group says its revenue grew by 17% in the third quarter ending on 30 June 30. The London based discount retailer is a subsidiary of Steinhoff International and owns the PEPCO and Dealz brands in Europe and Poundland in the UK
In its trading update on Thursday, Pepco said its revenue amounted to €1.2 billion for the quarter, with the biggest contribution coming from PEPCO, at 28.5%.
The group continued to open new stores across its brands during the period, adding 350 outlets for the year so far.
The store rollout is part of Pepco’s accelerated store expansion strategy, which has a target of 450 new stores for the year.
The discount retailer added that the strong performance, led by PEPCO, was supported by the Poundland group, whose revenues for the quarter had a 3.8% year-on-year increase.
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“With inflationary pressures continuing across the wider market, the group is committed to investing in its price proposition and maintaining its market-leading variety discount offering,” said Pepco.
Source: News 24
