European discount variety retailer Pepco Group has reported a 17.4% year-on-year (YoY) growth in revenue on a constant currency basis in the third quarter (Q3) of the fiscal year 2022 (FY22).

The company’s Q3 revenue reached €1.21bn ($1.21bn), resulting in year-to-date revenues of €3.58bn ($3.58bn), while its like-for-like (LFL) group sales increased by 4.9%.

For the three months to 30 June, revenues of the PEPCO business reached €704m, up by 28.5% on a constant currency basis from the same period of the prior year.

Poundland’s revenues were €507m, representing a 3.8% increase from a year earlier.

LFL sales for PEPCO and Poundland businesses grew by 7.3% and 2.0% respectively in Q3.

During the quarter, the group opened 115 stores. Of these, 109 were PEPCO stores, 40 of them located in Austria, Italy, Spain and Germany.

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By GlobalData

So far this year, the company has opened 350 stores across all its brands, excluding the closure of 59 Fultons stores.

The group aims to meet its improved target of 450 net new stores in FY22.

Pepco Group CEO Trevor Masters said: “The group has delivered another quarter of good progress and a resilient trading performance, driven by its successful and proven strategy.

“We are excited about our expansion plans in Spain as they are the first step on the journey to make the best of the group’s offering available to more customers than ever before.

“It means we can leverage the benefits of our broader offering across the group, making us even more efficient and effective.

“We remain confident in the strength of our customer proposition, market positioning and in our ability to drive long-term value creation.”

Last month, Pepco reported €2.37bn in revenue for the first half (H1) of FY22, which ended on 31 March.

This represented a 17.2% increase on a constant currency basis from the same period of the prior year.