Total Group revenue growth2 of 12% year on year (“YoY”) led by PEPCO at 20% and reflected the following drivers:
• Store expansion accelerated across all operating territories and brands:
o Strongest ever quarter for store openings with 161 new stores opened.
o PEPCO: 146 new store openings in Q1 (Q1-FY21: 87), including 55 in the strategically important
Western European markets of Italy, Austria and Spain, which continue to trade ahead of expectations.
o Dealz: 15 new storesin Q1 (Q1-FY21: 18), asthe roll out programme accelerates, particularly in Poland.
• Resilient underlying constant currency like-for-like3
(“LFL”) sales growth in Q1 of +0.7%:
o PEPCO: LFL in Q1 flat (FY22: 0.0%), impacted by continued supply disruption reducing availability and
the widening of Covid restrictions limiting customers’ ability to shop (See Trading Context &
Performance below).
o Poundland Group: LFL in Q1 +1.5%, reflects continued positive progress across all aspects of
Poundland’s offer development programme, including range improvements in general merchandise
and clothing, further expansion of multi-price penetration to 41.5% and the introduction of our new
chilled & frozen offer to a further 52 stores.
• Significant delivery on operating cost initiatives both reducing costs and delivering a more flexible, revenue
linked cost base.
o PEPCO markdown reduced by 0.8ppt’s to a historic low of 0.4% to sales, reflecting the initial impact of
new improved processes within the supply chain, supported by new enhanced tools.
o Reduced markdown and flow of goods also served to reduce absolute store labour costs while
preserving levels of customer service.
o Poundland successfully renegotiated 30 store leases, reducing passing rent by an average of 22%.
• Closing net debt on an IFRS16 basis of €1,248m (FY21: €1,174m) reflects strong cash EBITDA and working
capital efficiency offsetting increased lease liabilities from a record quarter of store expansion.
o Closing net debt excluding leases of €115m (FY21: €187m) similarly reflects strong cash generation
whilst continuing to invest significantly in strategic growth initiatives4
.
Pepco Group N.V. latest financial reports.
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