Britain'sfavouritefreshproducemagazinesince1895
ByMartynFisher
Thursday16thJune2016,13:12GMT
Poundlandsees
profitplummet
afterbuying99p
Stores
Thedealtobuyitsdiscountrival,which
hassoldfresh-cutpacksoffruit,haseatenintoPoundland'sprofit
margin
P
oundland has reported a sharp
Poundland blamed the long regulatory
ofApril.Theconversionprogrammeisnow
slumpinpre-taxprofitfollowing
process for the declining performance of
complete, though, with a further 17 shops
aretobeclosedorsold.
the £55 million acquisition of its
99p Stores -which had been looking to
loss-makingfresh-cutfruit-sellingrival99p
boost its fresh produce range - before the
Stores.
acquisition. The competition regulator
approvedthedealinSeptemberafterasix-
Amid a possible takeover bid from the
monthinvestigation,butduringthattime,
Steinhoffhasamasseda23percentstakein
Poundland and is considering a possible
offer.Itisontheprowlagainafterfailingto
SouthAfricanconglomerateSteinhoff,UK
99p Stores lost its credit insurance, which
buy Home Retail Group, the owner of
discount retailer Poundland has reported
meantitwascutoffbymanysuppliers.
Argos, and French electrical goods group
thatitspre-taxprofithascrashedbynearly
Dartyinthelastfewmonths.
84percentto£5.9mintheyearto27March
Tostemlossesatthenewshops,Poundland
2016.
rushed through a store refurbishment
programmeinfourmonths,converting235
Like-for-like sales dropped 3.9 per cent,
newstorestoPoundlandbytheend
followinga2.4percentriseinthe2014-2015
period.
http://www.fruitnet.com/americafruit/article/1474/parts-of-san-diego-quarantined-as-psyllid-count-mounts
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