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Nigel TAYLOR Published
September 28,黑帽快排域名池 2025
Times are changing at Pepco. Not so long ago, the European variety retail giant was a beacon of expansion and success. But now the business isn’t glowing so brightly, announcing on Thursday a downgrade, a change of managing directors and a strategic review.
Earlier this month, the budget retailer, which makes and sells the Pep&Co fashion line in its Poundland stores in the UK, and Pepco and Dealz stores in Europe, admitted it was “experiencing an increasingly challenging trading environment over recent weeks… with weaker consumer demand for our key clothing and general merchandise categories”.
This has resulted in “lower than anticipated Pepco revenues during August, worsening in September, with negative like-for-like sales and weaker than expected performance from new stores”. Ouch!
With an expected recovery in gross margins yet to appear, it blamed having to work through earlier inventory bought at a higher cost, alongside persistent record warm weather in its core markets hitting demand for its new autumn/winter collection landing in stores. That means “a further downward revision to our forecast for the full year 2025… in light of the weaker trading environment”.
July now seems a distant memory when the still-fast-growing retailer recorded double-digit sales rises and another set of impressive results for Q3.
As a result of the downturn in fortunes, Pepco has taken “immediate and decisive steps to reorientate the group management structure, recognising the current underperformance, challenging consumer trends, and following the recent departure of the outgoing CEO”.
That means Anand Patel, the Managing Director of the Pepco business, will step down with immediate effect, replaced by Barry Williams, the Managing Director of Poundland. Austin Cooke, who is currently Chief Operating Officer of Poundland, will assume the role of Managing Director of Poundland.
Pepco has also established a new Group Executive Committee to undertake a strategy review across the Group “to place greater focus on addressing costs and initiatives that are likely to generate appropriate returns in the near term, accelerate the transformation into a single business and refocus on our core markets”.
Executive Chairman Andy Bond said: “We remain confident in the opportunity of building Europe’s leading variety discount retailer offering great value to consumers across a range of FMCG, clothing and general merchandise products. However, it is clear that we need to refocus on delivering for our customers in our core business while delivering more measured growth. We need to improve profitability and cash generation in our established business alongside a more targeted growth plan in markets where we have an existing presence.”
Pepco Group will release its Q4 FY23 trading update on 12 October and an update on its revised strategic plans on 18 October.
In the meantime, the business now expects to deliver a weaker underlying FY23 EBITDA (IFRS 16) of around €750 million compared to FY22 EBITDA of €731 million.