Poundland falters

Poundland has posted a mixed set of results for the first nine months of the year as it insisted it is ‘profitable and stable’ despite an ongoing crisis at its owner Steinhoff.

The budget retailer booked a 5pc decline in sales to £1.1bn in the period to June 30, the figure dragged down by the closure of 60 stores in the comparable period last year. It relates to the acquisition of 99p Stores in 2015, with Poundland closing sites that overlap with its own shops when leases end.

Steinhoff’s board is mulling more asset sales as it looks to boost its cash flow and pay debt.