Pepco Group Quarterly Revenue Rises on 161 Store Openings

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Pepco Group, the owner of PEPCO, Poundland, and Dealz discount retailer brands in Europe, posted a 12 percent rise in its quarterly total revenue on a constant currency basis, driven by performance at its PEPCO banner that saw a 20 percent revenue jump.

The group, which listed on the Warsaw stock exchange last May, said on Thursday its first-quarter revenue for the period of October-December came in at 1.35 billion euros ($1.54 billion), with like-for-like sales up 0.7 percent.

Pepco Group said it delivered its strongest quarter in terms of store openings with 161 new branches, 146 of which were PEPCO, including 55 in the strategically important Western European markets of Italy, Austria and Spain, which continue to trade ahead of expectations.

“It is particularly pleasing that despite the supply chain and demand challenges presented by COVID-19, the strength of the consumer proposition of all three of our brands ensured that we delivered a resilient trading performance,” Chief Executive Officer Andy Bond said in a statement.

The group had previously said that it sees Europe as its addressable market, following encouraging initial performance of PEPCO stores in Western Europe.

PEPCO, predominantly present in eastern Europe, plans to open in Germany in the first half of 2022 and has a strong pipeline of store launches for 2021–22 and beyond, Bond had said last month.

($1 = 0.8742 euros)

By Karol Badohal

Reuters

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