0856 GMT - Pepco Group reported a positive 1Q, showing better comparable sales under Pepco's banner and an upbeat outlook, Citi analyst Rafal Wiatr writes. The group--which houses Poundland in the U.K. and Dealz and Pepco in continental Europe--said first-quarter like-for-like sales were down 1.1%, but improving from the 3.5% drop in the fourth quarter. Pepco brand's like-for-like sales rose, lifted by an improved core offer, pricing, and increased availability, the analyst adds. However, Poundland's sales fell 7.3%, suffering from an underperformance in clothing and general merchandise, he adds. Looking ahead, Pepco brand is expected to deliver profit growth during the year, while Poundland's negative performance should moderate through the year, he adds. Shares are down 1.9% at 16.07 Polish zloty. (michael.susin@wsj.com)
(END) Dow Jones Newswires
January 16, 2025 03:57 ET (08:57 GMT)
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