Discount retailer to create 2,000 jobs in Britain

19th August 2010, Comments 0 comments

Discount retailer Poundland said on Thursday it planned to open at least 50 new stores to satisfy Britons' appetite for a bargain in a move which will create up to 2,000 jobs.

The firm -- which attracts around three million customers a week by selling items costing one pound (1.20 euros, 1.60 dollars) -- reported operating profits surged 81 percent to 21.5 million pounds in the year to March 28.

Chief executive Jim McCarthy said he was confident that the firm, which already employs 7,500 staff and has 263 shops, could expand rapidly despite the fragile British economy.

Reporting "strong and sustained growth", he added: "Market research shows the UK will take 800 Poundland stores, so we have several more years of growing.

"We get an immediate response when we open a new store and by taking a lower margin than most retailers we build on value rather than profit."

The company, which was bought by private equity firm Warburg Pincus in June, sells household products plus food and health and beauty items.

© 2010 AFP

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