Bargain hunters are driving sales and profits at Poundland.
The 200-strong chain, where everything is £1, has unveiled operating profits up 122% to £8m in the year to the end of March and claimed a 20% rise in the number of shoppers from the wealthiest AB social group.
Top-line profits — before interest, tax and other charges — climbed 43% from £11m to nearly £16m.
Chief executive Jim McCarthy, who joined the business from Sainsbury's two years ago, said the credit crunch was boosting trade. "In the current economic climate, Poundland's unique single price strategy is providing even greater value. We are perfectly positioned to take advantage of customers' flight to value," he said.
More on this story
