Operating profits for the year until the end of March at Poundland were up 122%, the company said today.
Poundland revealed that top-line profits jumped to almost £16m – a rise of 43%, helped by the prevailing economic conditions.
Jim McCarthy, chief executive, said that consumers are starting to focus in on value items and this is helping the retailer’s cause.
He commented: “Poundland’s unique single price strategy is providing even greater value. We are perfectly positioned to take advantage of customers’ flight to value.”
Numerous items are available at Poundland stores, such as stationery and groceries.
The news comes as Sainsbury’s said like-for-like sales excluding fuel have jumped by 5.3% in the 16 weeks until 4 October.
