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Discount retailer Pepco Group, owner of the Pepco and Dealz brands in Europe and Poundland in the UK, reported first half revenue of 2,839 million euros, up 22.8 percent on a constant currency basis, driven by 36.9 percent growth at Pepco brand.
The company said that like-for-like (LFL) revenues for the period were up 11.1 percent, with 8.5 percent LFL increase in the second quarter.
Commenting on the results, Trevor Masters, CEO of Pepco Group, said: “Pepco has recorded an encouraging second-quarter trading performance against the backdrop of a continuing inflationary environment for both customers and the business. Demand for our products remains strong, and double- digit like-for-like revenue growth demonstrates solid progress for the group.”
Pepco delivers strong LFL growth, continues retail expansion
Pepco recorded 15.8 percent LFL growth in the first half and 10.7 percent in the second quarter, while Poundland Group sales rose 4.9 percent LFL in the first six months and 5.7 percent LFL in the second quarter.
The company added that new store openings continue across all brands with 166 net new stores added in the first six months. The group remains confident of opening at least 550 net new stores during the current financial year.
Pepco saw 134 net new store openings during the first half, including entering the Greek market. Poundland Group reported 32 net store openings during the period, largely reflecting growth of Dealz Poland, which opened 36 net new stores in the first half to reach a landmark of a total of 200 stores in Poland.
The company recently opened its 100th store in Italy and earlier this month, Pepco also opened its 100th store in Serbia. The company is on track to launch the Pepco brand in Portugal and Bosnia and Herzegovina later this year.
“For the first time, the number of net new store openings in Western Europe, including our 100th store in Italy, outweighed the number of openings in Central Europe across the quarter. We remain confident on meeting our guidance for full-year EBITDA, including our targets for the new store opening programme,” added Masters.
Neil Galloway joins Pepco Group as chief financial officer
Further to the announcement on November 25, 2022, Neil Galloway joined the Pepco Group as chief financial officer on April 3, 2023.
“I would also like to take this opportunity to formally welcome Neil Galloway to Pepco as the Group Chief Financial Officer. His impressive track record and experience makes him a valuable addition to the leadership team as we continue to accelerate and deliver on our proven strategy.”
Galloway joined from IWG plc, a leading provider of flexible workspace in 120 countries, where he was executive vice-president. The company further said that Galloway is an experienced public company CFO who has worked in senior finance and commercial roles at multinationals over the last 15 years, including in cross-border retail.
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