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...Pepco, owner of the Poundland retail chain, has warned that disruption in the Red Sea is leading to higher freight costs and could hit product supply....
...The news comes after Pepco, which also owns the Pepco and Dealz brands in Europe, said earlier on Tuesday that chief executive Trevor Masters would step down with immediate effect....
...Pepco, owner of discount retail chains including Poundland, also fell on news of a management change....
...Pepco said that the leases were in locations where it has a limited presence, and that the stores should be converted to Poundland later this year....
...In retail, Pepco Group, which owns the Poundland discount chain and operates nearly 3,500 clothing-focused discount stores across Europe, warned on Thursday that the situation was leading to higher freight...
...“Our own narrative around digital is changing,” says Andy Bond, executive chair of Pepco Group, which owns Poundland and also operates nearly 3,500 clothing-focused Pepco discount stores across Europe....
...Steinhoff raised around €1bn from selling a 20 per cent stake in Pepco but still owns 78 per cent of the group....
...Pepco, the Warsaw-based discount retailer, said it would increase its spending on new stores rather than pay dividends....
...Consider that slower growing B&M, and Poundland owner Pepco, are valued at 8 and 9.7 times trailing ebitda, respectively. In the US, Dollar General carries a 12 times ebitda multiple....
...B&M recently reported a fall in sales and profits in the first half of its fiscal year while Poundland owner Pepco has said UK trading conditions “remain challenging”....
...“We have trialled [online shopping],” said Mat Ankers, chief financial officer at Poland-based discount clothing retailer Pepco....
...In total, Steinhoff and members of Pepco’s management team will sell 102.7m shares or 17.9 per cent of Pepco to the public, valuing the company at between 21.9bn zlotys and 26.5bn zlotys....
...That has emboldened Steinhoff, a conglomerate rooted in South Africa, to offload Pepco Group, operator of discount chains Poundland, Dealz and Pepco....
...These are less biased to apparel than Pepco and more towards impulse food and general merchandise....
...Warsaw-listed Pepco sells discount clothing and general merchandise from more than 3,000 stores, mainly in central and eastern Europe....
...Andy Bond, chief executive of Poundland’s owner, Pepco, said it had sometimes been necessary to balance profit margin with availability....
...Pepco Group, which listed on the Warsaw stock exchange in May last year, said chief executive Andy Bond plans to leave his role at the end of March....
...For the Pepco chain of more than 2,000 discount clothing shops, sales were up 6.6 per cent at stores trading throughout but down 6 per cent overall....
...Its successful Warsaw float of discount retailer Pepco has propelled the Frankfurt-listed shares to their highest level since 2018....
...For example, Richard Burrows, chair of Pepco, agreed to buy his 137,000 shares in the owner of Poundland, aligning his interests without taking a chunk of value in the process....
...Most were the clothing-led Pepco format. It intends to launch 300 or more in the full year....
...Andy Bond, chief executive of Poundland’s current owner, Pepco, says personal goods like deodorants and shaving cream were another starting point....
...concern about market influence of Citadel Securities (FT) EQT, Stonepeak prepare for long haul after KPN rebuffs approach (BBG) Australia’s Westpac sued by regulator for alleged insider trading (FT) Pepco...
...It caters to value-conscious shoppers and faces strong competition from the likes of Primark, Matalan, supermarket clothing brands and Pep&Co, the Pepco-owned label that trades from more than 300 Poundland...
...Steinhoff has been selling assets in order to raise cash and has looked at a listing or sale of Pepco, its European discount store group that includes Poundland....
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