Steinhoff - comment

Pepco Poundland have put forward another strong quarter of growth, even as LfL at constant currency its Pepco stores generated only 31% growth, vs. The stupefying 41% last quarter. Management uphold their target for EBITDA growth in the mid-teens for the year, which looks achievable if growth holds up and store roll-outs continue at current pace. The group is tilting expansion towards Western Europe, while store count at the UK’s Poundland continues to fall slightly.