Downturn boosts Poundland sales

Poundland plans to expand in the downturn

Bargain firm Poundland posted a rise in sales in December, as consumers sought to limit their spending in the wake of the economic downturn.

Same-store sales during the five weeks to 4 January rose 3.9% year-on-year. Sales during the period including new store openings rose 24.3%.

The chain, based in the West Midlands, plans on "significant" growth in 2009, creating 30 new stores and 1,000 jobs.

Private equity company Advent International has owned it since 2002.

"We are well positioned to capitalise on the continuing strong customers trend to shop savvy and seek value for money," said chief executive Jim McCarthy.

More expensive retailers have been losing out to their cheaper rivals as consumers have sought ways to cut their spending.