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Poundland posts jump in profit as it looks to expand

Poundland said its profits have jumped by a third as it continues to attract value-conscious-shoppers and adds new stores to its estate.

Poundland has long-term plans for 1,000 outlets across the UK and Ireland. Credit: Danny Lawson/PA

The West Midlands-based retailer, which has 556 stores in the UK and Ireland, opened its first outlets in Spain, called Dealz, in July and plans to have 10 over the next two years.

It added a net figure of 28 new stores in the UK and Ireland over the last six months and has long-term plans for 1,000 outlets, adding that it expects "to see many years of future growth."

The company's half-year results beat expectations today as total sales jumped 15% to £528.2 million, with like-for-like sales up 4.7% in the 26 weeks to September 28.

Underlying pre-tax profits jumped 34.2% to £12.6 million.


Poundland: £1bn sales and plans for extra jobs

Poundland has announced mega sales figures topping almost £1bn this year, resulting in record profits.

The discount store says it plans to expand by opening 60 extra shops, which will create another 1,000 jobs over the next financial year.

Poundland has racked up nearly £1bn in annual sales and plans to expand opening 60 stores. Credit: PA

Profits were up by 23.5% to a record £36.8 million, the retailer said, adding that it planned to open stores in Europe - first targeting the Spanish market.

Poundland opened 70 new stores in the UK this year, taking its total number of shops to 528.

Claimants not given 'sufficient information' on scheme

The Supreme Court has upheld a 2011 decision by the Court of Appeal that unemployed people were not given enough information, especially about the sanctions for refusing jobs under the schemes.

The judgement said that the two claimants "should have [been given] sufficient information about the scheme to be able to make freely informed representations".

Work Secretary reacts to 'back-to-work' scheme ruling

Work Secretary Iain Duncan Smith claimed a victory in the Supreme Court today despite it ruling that the 'back-to-work' schemes are legally flawed. He said:

We are very pleased that the Supreme Court today unanimously upheld our right to require those claiming jobseeker's allowance to take part in programmes which will help get them into work.

We have always said that it was ridiculous to say that our schemes amounted to forced labour, and yet again we have won this argument.

Ultimately this judgment confirms that it is right that we expect people to take getting into work seriously if they want to claim benefits.

– Iain Duncan Smith, Secretary of State for Work and Pensions
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