The owner of Dealz-Poundland discount stores in Ireland said the retailer was gaining market share in all of its European markets as the cost of living crisis raged.
Dealz operates around 100 stores in the Republic and owns 30 Poundlands in the North, but under its parent company Pepco operates several hundred stores in the rest of Europe, including Poland and Britain.
Pepco is gaining market share in all of its markets as buyers seek value amid intense inflationary pressure, its acting chief financial officer said.
“We are seeing a shift to the value discount channel in our markets,” Mat Ankers, the group’s interim chief financial officer, told Reuters.
“We’re increasing our price gap to the market, that’s what’s happening right now,” he said.
Mr Ankers said the group had invested 35 million euros to maintain prices in the first half until March 31, which reduced its gross margin by 137 basis points.
“It’s a very meaningful and very thoughtful investment that we’re making,” he said.
The Pepco Group also has more than 3,400 additional stores in the rest of Europe, including 1,000 stores in Poland. It opened its first Pepco stores in Austria, Serbia and Spain last year.
Pepco shares are listed on the Warsaw Stock Exchange and are currently valued at around €5 billion.