Poundland experienced a £457 million pre-tax loss against profits from the previous year, with a significant decline in performance and weaker outlook for profitability amid increasing competition and costs.
Stephan Borchert, chief executive, said recent performance has been challenging, particularly due to declines in clothing and general merchandise linked to the shift to Pepco-sourced products.
The company acknowledged that the execution of its transition had flaws, causing gaps in the product range that affected revenues and customer satisfaction.
There has been a noted difference in customer expectations between UK Poundland customers and Pepco customers, prompting a reconsideration of the brand's approach moving forward.
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