Discounter Pepco in price pledge as first-half sales rise
Pepco Group, owner of European discount retailer brands PEPCO, Poundland and Dealz, pledged to "protect prices" for cash-strapped shoppers, as it reported an increase of 17.5%in first-half revenue, driven by new store openings.
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LONDON (Reuters) - Pepco Group, owner of European discount retailer brands PEPCO, Poundland and Dealz, reported on Thursday a 17.5% increase in first-half revenue, driven by new store openings.
The group, which listed on the Warsaw stock market last May, said revenue totalled 2.37 billion euros ($2.57 billion) in the six months to March 31 as it opened 192 new stores, taking the total to 3,696 across 17 countries.
It said like-for-like sales growth was 5.3%, driven by growth of 12.1% in the second quarter.
Pepco forecast first-half core earnings (EBITDA) within a range of 342 million euros to 350 million euros.
“Within this range, the group remains on track to meet guidance for the full year in the absence of any further significant deterioration in the macro environment,” it said.
($1 = 0.9223 euros)
Reporting by James Davey; Editing by Muralikumar Anantharaman
