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Poundland toasts Christmas as sees 10% sales growth in Q3

Last updated: 09:29 21 Jan 2015 GMT, First published: 10:29 21 Jan 2015 GMT

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Discount store Poundland (LON:PLND) served a whopping 7mln customers during its peak Christmas trading week and it expects to meet financial expectations for the whole year.

Total revenue for the 13 weeks to Dec 28, excluding Spain, was £328.4 million (2013: £299.1 million) - an increase of 9.8%.

Cash flow generation was strong and the group ended the quarter with net cash of £33.9mln (2013: £10.9mln).

The toothpaste to sweets shop, which floated last March, opened a net 17 stores in the UK and in Ireland and ended the third quarter overall with 573.

Chief executive Jim McCarthy, said: "I am pleased to report another good quarter of sales growth and a record Christmas trading period."

He added: "We have managed our costs and cash well, and we are in line with our 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."

Shares in Poundland  eased 4.46% to 347p.

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