by Joe Hope
Pepco Group BV on Thursday said revenue grew in the first quarter of FY 2022 despite pandemic-driven operational restrictions in several regions.
The owner of brands such as Poundland in the UK and Dealz in continental Europe said revenue rose 12% on a constant currency basis to 1.35 billion euros ($1.54 billion) during the quarter ended December. Sales increased 0.7% on a similar basis.
The company said that while the total number of its stores that had to compulsorily close because of the coronavirus was down in the year, government restrictions affected a significantly larger number of stores, with customer limits affecting more than half of its business weeks. .
“We believe that the supply-chain pressures that impacted our first quarter will now subside. However, given the broader inflationary pressures faced by our core consumer, we continue to do so by preserving the majority of our current price points. We are committed to supporting them and therefore our value leadership position,” said Chief Executive Andy Bond.
Pepco said the coronavirus presents a potential downside risk, supporting the company’s current full-year profit guidance.
The majority of Pepco’s shares are indirectly owned by Steinhoff International Holdings NV.
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