Pepco Group, the parent company of Pepco, Dealz and Poundland, has reported a revenue of 3.20bn ($3.43bn) in the first half (H1) of fiscal year 2024 (FY24), an increase of 11.1% on a constant currency basis from the same period a year previously.
The group experienced a 2.5% drop in like-for-like (LFL) revenues compared to the same period of 2023.
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During the six months ending 31 March 2024, the Pepco brand generated revenue of €1.98bn, up by 14.6% from H1 FY24, while Poundland and Dealz reported €1.05bn and €160m respectively.
Pepco brand’s LFL revenue saw a 3.2% decrease over the first half of the financial year. LFL revenue for Poundland also declined by 0.7% in H1 FY24, with a positive performance in fast-moving consumer goods offset by weaker performance in clothing and general merchandise due to the transition to new Pepco ranges.
Dealz also recorded a 4.6% LFL decline during the period, impacted by the planned transition to Pepco-sourced general merchandise.
The group ended H1 FY24 with 4,845 stores after adding 289 net new stores during the period.
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By GlobalDataPepco opened 215 net new stores, Poundland 81 and Dealz Poland 33.
At the end of H1, the group has €450m in available liquidity from cash and credit facilities.
Pepco Group executive chair Andy Bond said: “We continued to make good progress against our renewed strategy in H1, growing revenue by 11% to €3.20bn and driving a positive trajectory in gross margin.
“While the trading environment remains challenging, we are encouraged by signs of improved performance in some of our core Pepco Central and Eastern Europe markets – a key geographical region for the group – during the second quarter. We expect a continued upward trajectory in LFL sales at Pepco in H2.
The group announced the appointment of Stephan Borchert as chief executive officer from 1 July 2024.
In February 2024 the company revealed its decision to exit the Austrian market due to its inability to achieve the desired level of returns.
