Poundland sales have soared as bargain-conscious shoppers continue to seek the best deals.
Total sales for the discount chain – which sells everything for £1 – jumped 24.3% year on year.
Like-for-like sales in the five weeks to 4 January were up 3.9%.
The results means that Poundland joins the league of value-for-money chains that enjoyed strong Christmas trading, such as clothes stores New Look and Peacocks.
Poundland sales up while others suffer
Poundland’s strong results are a blow to other retailers like Marks & Spencer, which saw sales dip over the Christmas period.
But other big names are not so gloomy – with Sainsbury’s boasting its best ever Christmas last week.
Which? retail researcher Sarah Dennis said: ‘If there is an easy bargain to be had then canny shoppers will take it. We expect a rise in the number of people using discount chains as they look for convenient ways to tighten their belts.’
Poundland said that it will embark on a ‘significant’ expansion in 2009 and it plans to add another 30 stores. It currently has more than 200.
Chief executive Jim McCarthy said: ‘It is clear that Poundland has been one of few retailers reporting growth during the 2008 Christmas trading period.
‘We are well positioned to capitalise on the continuing strong customer trend to shop savvy and seek value for money.’
© Press Association 2009
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