Pepco Group, the European discount retailer that issued two profit warnings last month, will slow down its aggressive store opening programme, it said today.
The Warsaw-listed group owns the Pepco and Dealz brands in Europe - including in Ireland - and Poundland in Britain.
It said it would open at least 400 net new stores in its 2023/2024 year, down from 668 in 2022/23.
The group, which is hosting a capital markets day in Poland, said it will also review the store refit programme of its core business in Central and Eastern Europe.
Both moves are part of a plan to rebuild profitability by adopting a more disciplined approach to growth and investment capital expenditure across the group.
"We need to refocus on delivering more measured growth - doing less, to achieve more - with a greater focus on improving profitability and cash generation in our established business," executive chairman Andy Bond said.
