Poundland's decline in Britain weighs on Dealz owner

The Warsaw-listed retailer said group like-for-like revenue fell 1.1% in the three months to December 31, its fiscal first quarter, narrowing from 3.5% in the prior quarter

The group said Poundland’s decline was largely caused by continued weakness in the clothing and general merchandise segment, alongside previously flagged challenging market conditions. File Picture: Danny Lawson/PA

European discounter Pepco Group said on Thursday that the performance of its struggling Poundland business in Britain deteriorated in the Christmas quarter, with underlying revenue falling 7.3%.

The Warsaw-listed retailer, which also owns the Pepco and Dealz brands in Ireland, said group like-for-like revenue fell 1.1% in the three months to December 31, its fiscal first quarter, narrowing from 3.5% in the prior quarter. Like-for-like revenue rose 1.4% at Pepco and 6.6% at Dealz.