Thursday, March 28, 2024
HomeBusinessPoundland owner Pepco targets Germany as earnings soar By Reuters

Poundland owner Pepco targets Germany as earnings soar By Reuters

Date:

Related stories

Essential Tips for Investor Relations Events

Investor Relations (IR) is key to the success of...

Buying a Modern Kitchen Sink: How to Choose a Shop

If you are doing some home renovations, and the...

The Impact of School Districts on Home Sales in Dayton

When selling a home in Dayton, Ohio, several elements...

Elevate Your Everyday: Tips and Insights for Enhancing Your Lifestyle

Introduction With long periods of business experience, Michael's group utilizes...

Beat the Wager: Your Ultimate Guide to Conquering Casino Playthroughs

Are you stuck with those tricky wagering requirements? Trust...


© Reuters. FILE PHOTO: A sign is seen in a Poundland store in London, Britain November 10, 2015. REUTERS/Stefan Wermuth/File Photo

By James Davey

LONDON (Reuters) -Pepco Group, owner of European discount retailer brands PEPCO, Poundland and Dealz, said on Tuesday it would enter the German market in 2022 as it reported a 46% jump in annual core profit, after it opened new stores.

Pepco, which listed on the Warsaw stock market in May with a valuation of 5 billion euros ($5.7 billion), now trades from more than 3,500 stores in 17 countries, employing 40,000 people.

Chief Executive Andy Bond said the group planned to accelerate growth in Spain, Italy and Austria in the 2021-22 financial year that began on Oct. 1 and would also open a small number of stores in Germany, probably in the spring.

He said Italy and Spain had a market size the same as eastern Europe, where the group has a major presence, while the German market was the same size as Spain and Italy put together.

“By having confidence in Spain and Italy we’ve doubled the size of our market opportunity. If we make Germany work we’ll have tripled the size of our market opportunity,” Bond told Reuters, adding that he saw potential across the whole of Europe.

Pepco said its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 647 million euros ($730 million) in the year ended Sept. 30, in line with guidance. Revenue rose 19.3% on a constant currency basis to 4.12 billion euros as it opened 483 new stores.

See also  Virtual Learning Opportunities for Entrepreneurs

The group said it continued to face commodity inflation and higher shipping costs alongside supply chain disruption at the start of its new financial year. But it said it could mitigate the impact.

It said it was monitoring the emerging new wave of COVID cases across Europe that had resulted in new government-mandated restrictions in some of its operating territories.

“Based on our understanding of the current level of COVID impact on revenue and costs we are confident in delivering full-year profit growth in line with historic levels,” it said.

The group’s shares, priced at 40 zlotys ($9.77) at the IPO, were trading at 48.2 zlotys at 1128 GMT, down 1.4%.

($1 = 4.0950 zlotys)

($1 = 0.8835 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

See also  Why a Custom Clearance Agent Is Important



Source link

Bellie Brown
Bellie Brownhttps://businesstimes.org
Hi my lovely readers, I am Bellie brown editor and writer of Businesstimes.org. I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting Cleartips.net

Latest stories