Belfast Telegraph

Poundland enjoys best Christmas sales ever

By Ben Woods

Discount retailer Poundland has unwrapped record Christmas sales as shoppers snapped up festive decorations and budget stocking fillers.

Sales jumped by a fifth to £59m in the week before Christmas compared to last year, helping the chain to its strongest ever festive performance.

Poundland, which is owned by South Africa's Steinhoff, said it also shrugged off "significant weather disruption" to book a 5.6% jump in like-for-like sales in the three months to Christmas Eve.

The update came as Poundland's European parent, Pepkor Europe, moved to calm supplier concerns by replacing planned investment from troubled owner Steinhoff with a £180m independent loan facility.

Steinhoff was plunged into crisis after revelations of accounting irregularities linked to its 2016 accounts, although on Tuesday the group said the issues could run even further back than that.

Andy Bond, Pepkor Europe chief, said its businesses were "firing on all cylinders, adding customers and growing market share".

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.