According to discount retailer Dealz, 300,000 customers visit its 53 Irish stores every week.
Dealz which is owned by British discount giant Poundland, plans to open up to 20 new stores around Ireland in the coming year, as it says that some 300,000 Irish customers now pay a visit to its stores every week.
The British discounter said that it is set to open 20-30 new stores, “primarily in the Republic of Ireland and in retail parks”. As of March 2016, Dealz Ireland operated 53 stores – eight of which in retail parks – 12 stores more than the previous year.
The retailers UK and Ireland sales have increased by 9.3 per cent to £1.21 billion. The discounter, which sells everything in the UK for a pound and for €1.49 in Ireland, recorded an underlying pre-tax profit of £37.8 million as of March 27. This is lower than predicted forecasts which expected profits between £39.9 million and £51.8 million, and is down £5.9 million from 2014-15.
The discount retailer said it was affected by subdued trading, adverse currency moves and the distraction of integrating the 99p store chain it acquired last year.
South-African based retail company Steinhoff is considering a full cash bid for Poundland, with 23 per cent already bought. However, Poundland has told its shareholders to take no action. Steinhoff has until July 13th to declare a solid intention to bid for all of Poundland.
In the 11 weeks from March 27th to June 11th, Poundland said underlying sales increased by 28.6 per cent, with shares closing on Wednesday at 200 pence, valuing the business at £534 million.