Bargain store Poundland in profits boom

Poundland defied the high street gloom today by unveiling record-breaking sales and profits figures.

The boss at the Willenhall-based discount chain said it is benefiting from bargain-hungry shoppers on the lookout to get the best deal for their money. And Chief Executive Jim McCarthy is already predicting Poundland's best-ever Christmas.

He said he believed there would be a bigger drive than ever from consumers to seek out the best value to make their money go further this Christmas.

He was speaking after revealing turnover at the chain rocketed by 25.8 per cent to £642 million in the 12 months to the end of March today. As a result, profits were up by 34 per cent to £31.7m.