POUNDLAND's owner yesterday reiterated its confident outlook, encouraged by the size of the discount market across
In a third quarter trading update posted yesterday, European discount retailer
The retailer, which also owns the Dealz and Pepco brands in
The budget group said it was "committed to investing in its price proposition and maintaining its market-leading variety discount offering".
A continued focus on slimming operation costs enabled the firm to keep prices low, it added.
Shoppers are now more familiar with the European discount market, which has grown since the previous financial crisis in 2007 and 2008, the firm added.
The company said it was "confident in our continued progress" and felt it was on track for "another good year" providing no "further significant deterioration in the macro trading environment". The discount retailer said it was on track to open 450 new stores in the 2022 financial year.
"Despite the challenging market environment,
"We remain confident in the strength of our customer proposition, market positioning and in our ability to drive long-term value creation."
Earlier this year,
It noted higher wages in central and eastern European markets were significantly offsetting inflationary pressures, while stagnant wage growth in western European markets had led to shoppers paring back spending on consumer goods.
(c) 2022 City A.M., source