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Poundland reports rise in profits Poundland shares fall after sales slowdown
(about 2 hours later)
Budget retailer Poundland has reported a rise in annual profits, but says the first half of the current financial year will be "relatively subdued". Shares in Poundland have fallen after it reported slowing sales and said the first half of the financial year would be "relatively subdued".
Statutory pre-tax profits jumped 68.3% to £36.2m in the year to 29 March, with sales up 11.9% to £1.12bn, the first time they have broken the £1bn barrier. The budget retailer said sales on a constant currency basis grew by 4.1% in the 11 weeks to 14 June.
Poundland's proposed purchase of rival chain 99p Stores is being investigated by competition authorities. But that was down from growth of 7.1% seen in the previous quarter, and below the 11.8% full-year growth rate.
The retailer said it expected a decision on the deal in October. The figures overshadowed news of an 18.6% rise in underlying profits to £43.7m for the year to 29 March.
Statutory profits jumped 68.3% to £36.2m, with the increase being helped by last year's figure being hit by costs relating to Poundland's stock market flotation.
Sales rose 11.9% to £1.12bn, the first time they have broken the £1bn barrier.
Shares in Poundland fell 5% in early trade, but then recovered slightly to stand 2.7% lower.
Expansion plansExpansion plans
The first half of the last financial year was "an exceptional period" with factors such as the one-off "loom band" craze, Poundland said. The first half of the last financial year was "an exceptional period", with factors such as the one-off "loom band" craze, Poundland said.
"This means that we expect the seasonally less important first half of the current financial year to be relatively subdued.""This means that we expect the seasonally less important first half of the current financial year to be relatively subdued."
Shares in Poundland fell 3.6% to 300p in early trade. By the end of March, Poundland had 588 stores in the UK and Ireland, and the retailer said it expected to open at least 60 net new stores in the UK and Ireland in the current financial year.
Underlying profits, which strip out one-off costs, for the year to 29 March rose 18.6% to £43.7m. The bigger rise in statutory profits was mainly due to last year's figure being hit by costs relating to its stock market flotation.
By the end of March Poundland had 588 stores in the UK and Ireland, and the retailer said it expected to open at least 60 net new stores in the UK and Ireland in the current financial year.
It also expects to have 10 stores open in Spain - where it trades under the Dealz brand - by the end of the first half of the year.It also expects to have 10 stores open in Spain - where it trades under the Dealz brand - by the end of the first half of the year.
The company said it had been "surprised and disappointed" that the Competition and Markets Authority (CMA) had not allow Poundland's proposed acquisition of 99p Stores to complete after the first phase of the CMA investigation. Poundland chief executive Jim McCarthy said its stores in Spain had "got off to an encouraging start".
Earlier this year, Poundland said it agreed to buy the 99p Stores chain for £55m, but the proposed deal is currently being investigated by the competition watchdog.
The company said it had been "surprised and disappointed" that the Competition and Markets Authority (CMA) had not allow the deal to complete after the first phase of the CMA investigation.
The CMA decision on the deal is expected on 23 October, the retailer said, adding that its integration planning is "well advanced".The CMA decision on the deal is expected on 23 October, the retailer said, adding that its integration planning is "well advanced".