Poundland owner Pepco has revealed a sales slump over the latest quarter, partly driven by delays in summer stock reaching its stores due to Red Sea shipping disruption.
The retail group, which also runs the Pepco and Dealz brands across Europe, is among retailers that have been hampered by volatility in the region, with many shipping firms having to redirect cargo around the foot of Africa following attacks by Houthi rebels.
The company added: “The group remains confident that availability issues that have impacted LFL sales will ease through the fourth quarter, as we mitigate the Red Sea impact by shipping product earlier and channelling stock through different shipping routes.”The sales slump was even greater across its Poundland stores, which reported a 6.9% drop in like-for-like sales.
Nevertheless, overall group revenues were up 8% year-on-year to 1.48 billion euros as it was buoyed by a raft of new store openings.
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