Discounter Pepco revenue surges as new store openings exceed target

The group opened a record 343 new stores in the fourth quarter as revenue grew to €1.44bn

Last month, Pepco shares posted a record drop after it downgraded its profit outlook twice within a couple of weeks. However, the group is still set to report its highest-ever EBITDA.

Pepco Group on Thursday reported a 12.5% jump in its fourth-quarter revenue to €1.44bn on a constant currency basis, as the European discount retailer opened more than expected new stores during the year.

The group opened a record 343 new stores in the fourth quarter ended on September 30th, with 668 openings in total during the full year, exceeding the group's minimum target of at least 550 net new openings.