Value retailer says Christmas sales were dampened by decreased footfall.
Poundland has predicted that full year profits will be around £42.6 million – towards the lower end of its original forecast due to a lacklustre high street.
Despite reporting a 29.4% increase in total sales for the 13 weeks to December 27, the value chain said that decreased footfall on the high street had slowed its growth.
It had originally forecast full year profits between £39.8m and £45.8m.
A lot of the growth was also attributed to the acquisition of 99p Stores – this lifted revenues to £424.9m during the period.
The retailer had previously said that it had its strongest ever Christmas proposition in 2015.
“The trading conditions that we experienced in November continued through the third quarter, with high street customer numbers down year on year and this has impacted sales growth,” said Poundland boss Jim McCarthy.
