Poundstretcher has reported like-for-like sales growth of 3% for the year ending March 31, 2014.
The variety discount chain said its overall performance had been boosted by 35 new store openings, an expansion of its fmcg lines and the start of an extensive refit programme. The refit will see Poundstretcher introduce a Pet Hut offering, its discount pet store, within half of its 403 stores by the end of the year.
Crown Crest, the discount wholesaler that owns the Poundstretcher and Pet Hut brands, said it had achieved a debt-free position after a “positive year” of trading. It said this was achieved by the sale and lease back of its Leicester offices and distribution centre as well as a significant reduction in stock levels.
Although the company did not disclose profit figures, it conceded the wholesale market remained “challenging”. Crown Crest added its retail arm provided “the most opportunities for future growth”.
“2014 has been an exciting year so far for Poundstretcher,” said Aziz Tayub, Poundstretcher CEO, who revealed that like-for-like sales were up 5.6% over the fourth quarter. “There is still much to do but we are confident in and excited by our future prospects.”
Poundstretcher plans to open a further 50 stores in the new financial year with ambitions to expand its estate from 400 to 600 stores by 2018.
Tayub also revealed plans to invest in Poundstretcher’s transactional website and to make Pet Hut the UK’s “second largest specialist petcare retailer” by the end of 2014. Pet Hut will open 50 standalone stores this year, beginning in Altrincham.
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