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Poundland Fundamentals (PLND)

JP Morgan Cazenove Overweight 351.00 377.40 377.15 Upgrades

Final Results


DELIVERED EXPECTATIONS AND A GOOD START TO THE NEW FINANCIAL YEAR

Financial Highlights

Underlying Results

· Total sales +13.3% to £997.8 million (2013: £880.5 million)
· Like-for-like sales +1.9% (2013: -1.7%)
· Underlying pre-tax profits + 23.5% to £36.8 million (2013: £29.8 million)
· Underlying post-tax profits +25.1% to £27.3 million (2013: £21.8 million)
· Underlying adjusted EPS + 25.1 % to 10.90p (2013: 8.71p)

Statutory Results

· Pre-tax profits -18.9% to £21.5 million (2013: £26.5 million)*
· Net cash from operating activities before IPO costs +59.0% to £53.1 million (2013: £33.4 million)
· Net debt of £4.7 million (2013: £9.2 million)

Operational Highlights

· 70 net new stores, growing the estate by 15.3% to 528 stores (2013: 458)
· Announced Spanish trial of Dealz with a plan to open an initial 10 stores over 2 year period. First store in Spain opened yesterday
· New 350,000 square foot warehouse in Harlow will open in late August
· Nearly five million customers served each week, including over 200,000 in Ireland
· Clear evidence of universal appeal of the Poundland and Dealz brands with over 22% of customers now from the AB demographic
· Awarded Grocer Variety Discounter of the Year



*after IPO costs and other non-underlying charges

FIRST QUARTER INTERIM MANAGEMENT STATEMENT

Poundland Group plc ("Poundland" or the "Group"), the leading UK single price value discount retailer, today announces an Interim Management Statement for the period to 2 July 2014.

During the first quarter ended 29 June 2014, sales increased by 18.0% (2013: 11.4%) to £262.6 million (2013: £222.6 million), driven by a combination of delivering amazing value every day, the late Easter, our continually improving product offer, stronger like-for-like sales growth and a strong new store opening programme.

In the UK we opened a net 9 new stores during the period (2013:17). In addition, we officially launched our Spanish trial yesterday with the first Dealz store opening in Torremolinos.

Jim McCarthy, Chief Executive of Poundland, said:

"Trading in the first three months of the new fiscal year has been strong with total sales up 18.0% as our retail proposition continues to gain traction through offering amazing value to savvy consumers. After a pleasing start to 2014/15 we are confident of further progress through the year whilst recognising our critical third quarter lies ahead of us."

Looking good this stock.

Yes its definitely on my watch list!

LONDON, July 3 (Reuters) - Sales growth at Poundland PLND.L , the British single price retailer that listed on the London Stock Exchange in March, accelerated in its first quarter, helped by new store openings, a later Easter and shoppers' growing love of discounters. The company, one of a raft of retailers to float this year and capitalise on Britain's gradually improving economy, said on Thursday sales in its first quarter to June 29 increased 18 percent to 262.6 million pounds ($446.8 million). That compares to growth of 13.3 percent to 997.8 million pounds in the firm's year to March 30, which was in line with the company's previous guidance. "We are confident of further progress through the year whilst recognising our critical (Christmas) third quarter lies ahead of us," Chief Executive Jim McCarthy said. The retailer's shares, which debuted at 300 pence on March 12 and peaked at 402 pence on the same day, were up 14.5 pence at 344 pence at 0848 GMT, valuing the business at about 860 million pounds. Discounters are growing in popularity in Britain even though the economy is improving, as habits formed in the downturn stick. Discount grocers Aldi ALDIEI.UL and Lidl LIDUK.UL grew sales by 35 percent and 22 percent over the last three months, according to industry data published on Tuesday. ID:nL6N0PC2PW "Behavioural changes of shoppers are benefiting the value sector," McCarthy told reporters. "Value is now absolutely a badge of honour for customers across the spectrum," he said, noting that 22 percent of Poundland's customers are now from the more affluent "AB" demographic. Poundland, which sells all its products at the single price of 1 pound, opened a net nine new stores in the first quarter period, taking the total to 537 stores, while sales at stores open over a year were "north of" the 1.9 percent growth achieved in the 2013-14 year, the CEO said. Poundland made an underlying post-tax profit of 27.3 million pounds in the year to March 30 - in line with analysts' forecasts. Underlying pretax profit rose 23.5 percent to 36.8 million pounds, while adjusted earnings per share increased 25.1 percent to 10.9 pence. Poundland plans to open a net 60 stores in the 2014-15 year, investing 20 million pounds and creating about 1,000 jobs. Having opened in Ireland in 2011 the group kicked-off the second leg of its international expansion under the Dealz name with the opening on Wednesday of its first Spanish store in Torremolinos. The firm plans to open an initial 10 stores in Spain over two years and is also analysing other possible territories. Shore Capital analyst Darren Shirley raised his pretax profit forecast for 2014-15 by 3 percent to 44 million pounds and expects the firm to pay a maiden full year dividend of 3.8 pence.

JP Morgan Cazenove Overweight 337.00 328.70 377.00 377.00 Reiterates

Poundland founder's online venture suffers blow as partner quits

Notice of third quarter trading statement
14 January 2015

Poundland, Europe's leading single price retailer, will announce its third quarter sales update for the 13 week trading period to 28 December 2014 on Wednesday 21 January 2015.

StockMarketWire.com
Poundland Group said it has managed costs and cash well, and is in line with its financial expectations for the year as a whole.

"We are on track to open 60 net new stores in the UK and Ireland and we have a very strong pipeline for our 2016 financial year," said CEO Jim McCarthy in a statement for the 13 weeks to Dec. 28, 2014.

REVENUE
During the third quarter, total revenue, excluding Spain, in the 13 weeks to 28th December increased by 10.2% on a constant currency basis. On an actual currency basis, total revenue, excluding Spain, was £328.4 million (2013: £299.1 million), which represented total growth of 9.8%.

There was a good contribution to growth from both like-for-like store sales and continuing good performance from new stores during the third quarter. As expected though, due to the timing of openings, the contribution from new store trading weeks was lower than the corresponding period last year, a continuation of the trend seen in the first half.

STRATEGY PROGRESS
"We opened a net 17 stores in the UK and in Ireland during the period, taking the total to a net 45 during this financial year to date. The Group ended the third quarter with 534 stores in the UK and 39 stores in Ireland (2013: 486 and 31 respectively) and have a strong pipeline of stores for our next financial year," the company said.

"We have continued to develop our trial in Spain and are pleased with the initial progress we have made. We opened four stores during the period, taking the total to five at the end of the quarter. As previously announced, we will update the market further on the trial's progress at the time of the preliminary results."

FINANCIAL POSITIONS
"The Group generated strong cash flow during the period and ended the quarter with net cash of £33.9 million (2013: £10.9 million)."

Proposed acquisition of 99p Stores Ltd

Proposed acquisition of 99p Stores Ltd for an enterprise value of £55 million

Poundland Group plc ("Poundland" or "the Group"), Europe's leading single price general merchandise retailer and 99p Stores Ltd ("99p Stores"), a UK value general merchandise retailer, are pleased to announce that they have signed a conditional sale and purchase agreement for Poundland to acquire 99p Stores for an enterprise value of £55 million, comprising a cash consideration of £47.5 million and the issue of new Poundland Shares with a value of £7.5m at closing ("the Acquisition").

Credit Suisse Outperform 413.35 413.00 400.00 466.00 Reiterates

Exane BNP Paribas Outperform 384.70 380.00 400.00 450.00 Reiterates

SUNDAY TIMES

Jim McCarthy, chief executive of Poundland, has a big decision to make. Last week the Competition and Markets Authority shocked just about everyone when it announced a deeper investigation into Poundland’s £55million takeover of rival 99p Stores.

Apparently, the deal raised the possibility that by taking out its closest competitor, Pounds might ‘deteriorate its offer’ in up to 80 local areas.

It will be a bit of a slog, but the deal would cement Poundland’s supremacy in a niche that it has done well to carve out in these austere times. Buy.

Week Ahead: Poundland riding the hard discounting wave
By John Harrington
April 12 2015, 6:52am
Poundland now faces a further, more detailed investigation into its proposed takeover of 99p Stores



Retailers are to the fore this week, with results from Poundland especially interesting, in view of the firm's takeover bid for 99p stores.

The Competition and Markets Authority (CMA) said the deal may breach competition rules following an initial probe.

The firm now faces a further, more detailed investigation as the watchdog found its proposed takeover could lead to a "substantial lessening of competition” in 80 areas where the two chains overlap. Poundland may have to close 80 stores.

Trading Statement tomorrow - hmmmm.

FOURTH QUARTER TRADING STATEMENT

Solid fourth quarter trading; full year in line with market expectations

Poundland Group plc ("Poundland" or "the Group"), Europe's leading single price retailer, today announces its fourth quarter trading statement for the 13 week period to 29 March 2015.

Headlines for the 2015 financial year

· Total sales, excluding Spain, increased by 11.8% (2014: 12.7%) on a constant currency basis
· Like-for-like sales increased by 2.4% (2014: 1.9%)
· 60 net new stores opened in the UK & Ireland, as planned
· Spanish trial is proceeding to plan
· Underlying pretax profits expected to be in line with market expectations*

Revenue for the 12 months to 29 March 2015

For the 12 months ending 29 March 2015 total revenue, excluding Spain, increased by 11.8% on a constant currency basis (2014: 12.7%) and by 2.4% on a like-for-like basis (2014: 1.9%). On an actual currency basis, total revenue, excluding Spain, increased by 11.4% (2014: 13.3%) to £1,111.5 million (2014: £997.8 million).

During the fourth quarter, total revenue, excluding Spain, increased by 7.1% on a constant currency basis (2014: 13.9%). On an actual currency basis, total revenue, excluding Spain, increased by 6.5% (2014: 14.4%) to £255.0 million (2014: £239.5 million). This represents a solid performance against a strong trading period in the previous financial year. As we have previously highlighted, due to the timing of store openings, the contribution from new store trading weeks this year has been lower than last year and this continued to be the case in the fourth quarter. As planned, we opened ten fewer stores in the year as a whole than in the previous year and this was also a factor in a lower contribution to sales growth from new stores in the quarter.

more....

Questor-share-tip-Clear-buying-opportunity-in-Poundland-shares.

proactiveinvestors,in-for-a-penny-in-for-a-poundland

I think this has found support! Bought 2000 at 307p.
Any views from other BB's

You could say... maybe will bounce from a double bottom.

But I would not buy a company who sells CRAP from China

You've obviously never been into a Poundland store. Crap yes, from China mostly no.
I just wonder as times get better and the recession recedes that the majority of people will move upmarket.

Yes it is total crap. But the shops are full!

Harry

certainly not interested on the store or the company
anything as cheap as £1 means the materials used are mainly damaging the country and our self.

Using ....."corrosive materials" from the China CRAP is enough to put me off

............. "what you eat is what you are"

the same apply for
...... what you "buy" is what you are

edit -note - it reminds me of people eating sausages with no meat on it.
my take is the Government fault on letting this things taking place.

26 - what a very strange comment indeed, not least because it's almost incomprehensible

this amused me greatly ......
it remains (sic) me of people eating sausages with no meat on it.
my take is the Government fault on letting this (sic) things taking place


why is it the gov'ts fault????
i suppose you'll tell us next that it's the gov'ts fault that most people eat supermarket "squodge" white bread with all its additives and similar to give it long shelf life ...... and loads more examples could be given too

Is cynic a "sic" person?..

What are the laws for?
Why are doctors complaining about, too much sugar on most products, too much fat on peoples body, etc.
Is not the Government fault to do nothing when able to correct this happening?

the same apply to sausages

Here's a man who looks like a sausage !

28 - no ..... guidance perhaps, but it is an unfortunate fact that few are now prepared to take responsibility for their own actions ......
that includes tripping over a paving stone, falling down the stairs at a restaurant when drunk, smoking and even buying shares

so if you want to ignore the obvious and eat a hefty fry-up daily, eat lots of sweets and crisps, drink cola and smoke 20 fags a day, then you shouldn't be surprised that you are morbidly obese and unable to walk up a couple of flights of stairs without having to stop .... and then die early of heart disease or diabetes or similar

=========

of course you can also have the healthiest of lifestyles and still suffer SADS

or eat dully, avoid all caffeine and drink wheat grass ..... you may actually live no longer, but it'll feel as if you've been on this earth for 150 years

JB,

Who would give a pound for him?

These type of stores are still on the up , B & M still expanding , like Sir Pickles waistline . I do agree with you cynic .

Proactive investor -


Call it quids - Poundland has been around for 25 years




A smattering of UK corporate news will be available for those not still pondering the Fed meeting and its implications.

From the gigantic nature of the US economy to the discount retailer Poundland (LON:PLND) seems rather a leap but nevertheless, the screwdriver to toothbrush group is reporting full year results on Thursday.

In a kind of TFI Friday way, some may be surprised to hear the discount group started 25 years ago but now is a familiar sight on many a High Street.

And significantly, it is now expected to break through the £1bn sales mark for the first time.

It is now expected that the group's annual revenue will be £1.1bn for the year- up from £998mln in 2014. Meanwhile, pre-tax profits are forecast to be 20% up on last year.

And it has been closely watched in recent months, not least due to its attempt to buy close rival 99p Stores and the fact that last month it invited authorities to conduct a full-review into the proposed tie-up worth £55mln.

No doubt investors will be keen to get an update on this. In the Phase 1 review, the Competition and Markets Authority (CMA) said the deal could lead to a

"substantial lessening of competition” in 80 areas where the two chains overlap.

The firm wants the watchdog begin a full review, or Phase II, which is an in-depth 23-week study of the deal.

Full Year Results for the year ended 29 March 2015

Very Good First Year as a PLC

Financial Highlights

Underlying Results

· Sales +11.8% on a constant currency basis; breaking £1 billion for the first time
· Sales +11.4% to £1,111.5 million on an actual currency basis (2014: £997.8 million),
· Like-for-like sales +2.4% (2014: +1.9%) on a constant currency basis
· Underlying EBITDA +9.9% to £59.4 million (2014: £54.0 million)
· Underlying pre-tax profits +18.6 % to £43.7 million (2014: £36.8 million)
· Underlying diluted EPS +24.4 % to 13.6p (2014: 10.9p)

Statutory Results*

· Total sales +11.9% to £1,117.0 million (2014: £997.8 million)
· Pre-tax profits +68.3% to £36.2 million (2014: £21.5 million)*
· Diluted EPS +104.7% to 11.3p (2014: 5.5p)
· Net cash of £13.9 million (2014: net debt of £4.7 million)
· Final dividend proposed of 3.0p per share (2014: nil), giving total dividend payment for the year of 4.5p per share (2014: nil)

Operational Highlights

· 60 net new stores, growing the estate in UK & Ireland to 588 stores (2014: 528)
· Retail Park stores now total 87 in the UK & Ireland (2014: 60)
· Strong FY2016 UK and Ireland store opening pipeline; at least 60 net new stores planned for next financial year
· First Dealz store opened in Spain on a trial basis; five opened at the end of the financial year; on track to open 10 stores
· New 350,000 sq.ft. warehouse operational in Harlow in September
· 5.3 million customers served a week, including nearly 300,000 in Ireland

Strategic Highlights

· Our proposed acquisition of 99p Stores Ltd (''99p Stores'') has moved to Phase 2 of the CMA review with a decision expected in October


Trading update for the 11 weeks ended 14 June 2015

· Sales for the 11 weeks ended 14 June 2015 were ahead by 4.1% on a constant currency basis.
· On an actual basis, sales increased by 3.5% to £228.9 million (2014: £221.3 million)
· This performance reflects last year's excellent Q1 trade, when sales were ahead by 18.0%, reflecting the benefits of a later Easter, good weather and the loom band craze
· We opened a net 6 stores during the period, but expect to open at least a net 40 by the end of the first half
· This leaves us very well-placed for the important Halloween and Christmas trading period


* after non-underlying items

Directorate Changes

Poundland Group plc’s Progress Trounces Tesco PLC & WM Morrison Supermarkets plc!


By Motley Fool | Thu, 18th June 2015 - 11:49

Share this
Today's full-year results leave us in no doubt that Poundland plc (LSE:PLND) occupies a niche on the 'happy' side of the structural changes sweeping the retail market for 'essentials' in Britain.

On a constant currency basis, total sales are up 11.8%, like-for-like sales up 2.4% and underlying pre-tax profit up 18.6% -- the firm's business is flying.

Robust growth

The company reckons structural change occurred in shopping throughout the UK over the last several years, and Poundland played an important part in the outcomes.

When we think back, it seems clear that discounting retail firms prospered in the financially austere environment we've seen since last decade's credit crisis. The discounters were on the rise before that, of course, but a value-hunting collective mindset seems well entrenched in the consuming populace, and it will surely remain for years to come.

A retail environment like that is fertile ground for new-order discount-retailing, and Poundland, Lidl, Aldi and others caused disruption to a number of sub-sectors in the retailing industry. We only need to look at the carnage in the supermarket sector with firms such as Tesco (LSE:TSCO) and Morrisons (LSE:MRW) to see the effects.

As Tesco and Morrisons fight to survive, let alone to thrive, Poundland -- which sells a fair amount of food -- is growing like mad. During the year, the firm opened 60 new stores across Britain and Ireland and plans to open a further 60 at least during the current year. Then there's growth abroad as the company probes into Spain, fine-tuning its offering there and on track to place 10 outlets in the near future. The company has around 588 shops now, so these expansion figures are impressive. If the firm succeeds in its bid to take over rival 99p Stores, growth will receive a further boost.

The new 'defensives'

The key indicators of strength at Poundland are those relating to sales. Tesco and Morrisons can aim to rebuild plunging profits all they like, but if the top line doesn't grow, or worse still if it shrinks as it has been with those supermarkets, ultimately their businesses are going nowhere and neither is an investment in their shares.

We used to prize supermarkets for their steady and reliable cash flow, which allowed those firms to pay consistent dividends. Investors regarded them as 'defensive' investments, and low risk even if short on excitement, but not any more. The recent collapse in profits and share prices in the traditional supermarket sector stripped the supermarkets of their defensive credentials and turned them into struggling turnaround candidates -- a far racier proposition than many conservative investors signed up to.

Will supermarkets ever come back? I wouldn't bet on it. The new reality in the 'essential' retail market is here to stay. Structural change doesn't suddenly change back again. That's why I think it makes much more investing sense to align ourselves with the new order if we can rather than clinging to the old. We can't invest in Aldi or Lidl because those firms are private limited companies, which is a pity. However, we can invest in new-order discounter Poundland and I think the firm is well worth running a slide rule over.

Jefferies International Buy 346.30 346.30 260.00 400.00 Upgrades

Skinny, yr post 18 Jn15....agree that there is a "New Order" -
1) on the one-hand there are niche high-street shops where price probably doesn't matter.
2) there are supermarkets for most folks who compete with the same-stuff so while they might cut a deal with Mfr, they need to stock that Brand, or risk losing customers who don't care too much about price.....but insist on Named brands for their children ( POWER od Advertising!).
3) The discounters - as you say Lidl, Aldi (private) and Poundland [PLND], which has the ability to transform its products and layout to more nearly match Lidl - if it needed to.


I can't see the Big supermarkets doing this - they have costs and shareholders to consider and would need to change rather too quickly - and their customers might take fright, before they were replaced by the Poor-Masses.


It's History
I was surprised that Woolworth didn't adopt the Lidl model; but their chairman had never heard of Lidl - seems he employed someone to do the domestic shopping. Maybe wasn't the right man for the job anyway. Did he retire from the City with a full pension?

EDIT (2Nov2015)--Been watching TV series on Pound-Wars . . . interesting but does show there's an issue with the "Everything is £1" - when so much everyday stuff is costing over this figure . . . so soon enough the Discounter is going to address this or face falling numbers. It's expensive to reduce the box-size and consumers may feel they're duped..... I suspect they need to adopt the £2 coin - and retain the "poundland" moniker . . .
EDIT(1Dec2015)- 225p, up a tad from 2015-Low. I guess it never was worth the IPO price, but many thought it was.... and certainly their shops aren't going to empty too soon. Some of their stuff is "Budget quality" agreed, but at £1 it's no big steal. Also many items are regular "Brands" like chocolates and they may be in smaller boxes - but that's not "cheating" - it means folks can buy a £1 present to gives more-than a passing smile. Reading glasses at £1, I've spares tucked away. I just don't think you can complain about any goods. At £1 folk find them very acceptable - and deep-down we all like to "Rummage for a Bargain". If you need to touch-up a door-frame, then £1 buys you a neat tin of Gloss...and for another £1 several brushes.
Just because you ( RecentPost ), are earning £ots so £1-products don't appeal, etc., there are hundreds of folks for every One in yr Tax-bracket.
....and a very Merry Xmas to you too!
EDIT (16Dec2015)- seems two Dir like 215 sp and have bought lots. Whilst this is commitment and showing those IPO-higher prices were just that.
EDIT(16Feb2016)- I agree with Cynic that they need an on-line presence, although they control the shops that way, it's not too difficult to "invent" a phantom shop where the goods are already sold ( so each "shelf" represents another Order, for example)......but with 99p settling-in I guess we may have to wait.
I just wonder that their PROSPECTUS wasn't a tad economical - sure Xmas was "Bad" for the High Street, but surely that "Trend" was already showing?
BTW I saw 2016 large Dir purchases nearly £800k - DYOR.
EDIT (18March2016)- Did I read there is a new CEO arriving? ( sp now 174p). EDIT Kevin O'Byrne
EDIT (8May2016)-sp dipped to 140, then sprang to 180, now about 168p

Discounting goes to the share price as well

Poundland shares have been hurt more than most this morning, after the retailer warned that pre-tax profits are likely to underperform given a tough Christmas period. One resounding feature of this Christmas was the relatively serene highstreets, with shoppers instead reverting to online shopping. It is this lack of online presence which has been Poundland’s undoing. Coming just two months after the shares dropped over 20% following another profit warning, this marks a worrying trend for a firm which has typically outperformed following the 2007 crisis.

Dividends received today being reinvested should mark the turn in the recent decline in the sp having hit one brokers forecast it is now time towards to head towards the others who have penciled in £2+

RNS today . . . DYOR.
So that's it . . . a possible T.O. as Execs can't move the business to where they told us (i.e. at Floatation, remember? ).....
Not exactly dissimilar ( apart from Obvious Timescales ), like the BHS debacle - swap Pensioners for Shareholders, if you get my drift.
Does anyone know when/Where the AGM will be? _ Would be nice to see the calibre of these Execs.... before they jet-off to holiday-land. Grr.

AGM last year 17/09, Q2 Trading Statement Oct and 19/11 Interim.

Trying a cheeky short on the spreads, back inside B/B target 180p tight stop.

Broker Forecast - HSBC issues a broker note on Poundland Group

BFN

HSBC today reaffirms its hold investment rating on Poundland Group (LON:PLND) and raised its price target to 195p (from 160p).

Story provided by StockMarketWire.com

ATEST BROKER VIEWS

Date Broker New target Recomm.
16 Jun Liberum Capital 160.00 Hold
16 Jun Beaufort... N/A Hold
16 Jun HSBC 195.00 Hold
16 Jun Peel Hunt 300.00 Buy
16 Jun Jefferies... 195.00 Hold
15 Jun Peel Hunt 300.00 Buy
15 Jun Liberum Capital 160.00 Hold
13 Jun Jefferies... 135.00 Underperform
13 Jun Peel Hunt 300.00 Buy
8 Jun Canaccord... 220.00 Buy
Broker Recommendations for Poundland Group

Chris

What % stop loss , 5% ?

222p alders.

Chris

It was the same man who pulled out of the Home retail bid , chance he do it again

No idea, it's just a punt alders.

Out for a tiny loss, like watching paint dry. Results were awful, never understood the concept. If Steinhof don't make a bid their credibility less than zero. Read they have until 13th July to make a bid or not, a lot can happen between now and then.

Poundland's woes started with the competition commission wanting something to do.

Then PLND made things worse by lack-lustre integration of another business nearly their own size.
Add-in the gradual slow-down in foot-fall ( Esp. when wet!) and you can see that PLND profits are likely to be hit.

Was that sp realistic at £3...? possibly not - that's was when I bought and it's halved. But still the shop is "good value" for customers and whereas Woolworths expected a per-visit spend about £3, PLND is probably £10 . . . allow for inflation that's still double . . . .

Poundland does sell tech-items "over £1" - but they are keeping that very quiet, to avoid a big-rush..... look at their Website.
EDIT (13July2016)- Seems now Dirs think 222p is a fair-price to bail-out. Huh! So why did we need expensive new CEO to manage the phones?