Poundland opened 62 net new stores in the fourth quarter of FY23. Credit: House Buy Fast/ Flickr (Creative Commons).

Pepco Group, owner of discount retailer Poundland in the UK, has reported group revenue of €1.44bn ($1.54bn) in the fourth quarter (Q4) of fiscal year (FY) 2023, up 12.5% year-on-year (YoY) on a constant currency basis.

Pepco and Poundland posted revenue growth of 12.6% and 12.4% over the quarter.

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During the quarter, Pepco’s LFL revenue growth declined by 2.4%. Meanwhile, Poundland’s LFL was up 4.1%.

The group opened 343 net new stores during the fourth quarter, delivering a record 668 net new store openings in FY23.

Last month, Poundland agreed to purchase up to 71 Wilko store leases in the UK.

The group expects the full year’s underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) to be approximately €750m.

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Pepco Group executive chair Andy Bond said: “Group performance over the past year has been mixed against a challenging market backdrop. We opened a record number of new stores and delivered strong double-digit revenue growth, resulting in record group revenues.

“As first announced on 12 September, the trading environment deteriorated significantly in the last quarter across Pepco’s markets, notably in Central and Eastern Europe (CEE), with weaker sales, a lower than forecast gross margin and higher costs, resulting in a reduced level of profitability in our core markets, which we are addressing.”