The discount chain’s owner, Pepco, swung to a full-year pre-tax loss of 554 million euros (£457 million) after booking the write-down on Poundland.
The discount chain’s owner, Pepco, swung to a full-year pre-tax loss of 554 million euros after booking the write-down on Poundland.
The group said it was facing a “higher cost outlook in the UK following the recent Budget”, with Chancellor Rachel Reeves having announced a hike to employers’ national insurance contributions and a further increase in the minimum wage from next April, which is set to send employee costs surging. Stephan Borchert, recently-appointed chief executive of Pepco, said: “At Poundland, recent performance has been very challenging, impacted by declines in clothing and general merchandise following the transition to Pepco-sourced product ranges at the start of the year.
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