Poundland has announced plans to open 10 new stores in Spain over the next two years.
The stores will operate under the single price retailer’s European Dealz brand.
Dealz first opened in the Republic of Ireland in September 2011. It now has 31 stores there.
“We have been very careful and thorough in our evaluation of further European expansion opportunities and we are confident that our offer and our model suits the Spanish market well,” said Poundland CEO Jim McCarthy.
He has pledged to open more Spanish stores if the initial roll-out is a success.
“The success of Dealz in the Republic of Ireland was a clear demonstration that we have the capability to generate positive financial returns in new geographies quickly,” he added.
”We have a very detailed, low risk and low cost entry plan and the management strength and capacity, in the UK and in Spain, to execute it well.”
The UK’s biggest single price retailer, which is expected to launch an IPO in the coming months, achieved record total sales of £880m - for the 52 weeks ending 31 March 2013 - while EBITDA jumped 15.6% to £45.4m.
Poundland plans to more than double its estate to 1,000 stores over the next five years.
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