Poundland is taking a dive
Sometimes there's just no pleasing people.
Poundland shares are down 8% on Thursday morning, despite the discount retailer announcing it grew sales by 30% in the third quarter.
Just over 20% of that came from the acquisition of rival 99p Store, which added a big chunk of sales, but Poundland recorded a solid 9% growth in sales. Not bad.
But investors have latched on to comments from the retailer about the state of the market. Poundland says "UK high street footfall remained below last year and this has impacted our overall sales growth" and warns that fewer and fewer people are venturing to the high street. Bad news for Poundland, which gets the lion's share of revenues from physical shops.
As a result, Poundland says profits for the year are set to be at the lower end of forecasts. Down go the shares.
