POUNDLAND owner Pepco has plans to roll out 550 more sites this year across the UK and Europe as its cheap and cheerful goods continue to perform well with customers amidst the cost of living crisis.

In its interim results, the value shop, which sells everything from groceries to clothes, posted a 22.8 per cent jump in revenues of €2.83bn (£2.44bn) up from €2.37bn (£2.04bn) in the six months to March.

As food inflation reached its second-highest levels on record during the quarter, Poundland reported an increased demand in its value chilled and frozen ranges, as shoppers looked to stock up and cut back on waste.

The brand, which has 756 stores across the UK, did however report a 5.7 per cent drop in profit before tax of €134m (£115m), which it said reflected investment in new stores, supply chain costs and inflation.

The 50 new stores across the UK, will create up to 800 new jobs, according to reports in The Sun.

"As we highlighted previously, inflation remains at elevated levels in central Europe, against which trading in Pepco stores has remained challenging during the third quarter to date," Trevor Masters, chief executive of Pepco Group, said.

"Despite this, we have continued to do the right thing for customers on a budget by maintaining our price leadership and growing our market share."

(c) 2023 City A.M., source Newspaper