Poundstretcher sales have remained buoyant stayed strong over the latest half-year. Sales came in at £140m to the end of September, with pre-tax profits of £23m. The business is, however, bracing itself for increased pricing from suppliers for many of the FMCG brand lines it stocks, hoping to absorb some of them.
CEO Aziz Tayub said that the business was conservatively estimating pre-tax profits for the full current financial year of £40 million, on the back of cheaper rents, margin improvements and a fully stocked distribution centre. The business is looking to open further stores to add to its current 365 strong chain.
Importantly in the light of much-publicised supply chain issues, Tayub stressed: “We have no shortage of stock – we have plenty of imported stock and plenty of UK stock, which is enough to fulfil our sales targets right up to next March. It’s possible that the supermarkets are suffering as they sell products faster, but if you go into our stores they are full of food, toiletries and Christmas stock. We do not see our prices going up as much as others partly because we are very careful about what we buy”.
Share