Poundland’s revenues rose 3.1% in the second quarter and, over the half year to March 31, advanced 1.6% to €920m.

The retailer said “Poundland continues to outperform the wider UK high street” as a result of differentiation created by the introduction of clothing shop-in-shops, now in approximately 300 branches, and “measured product range extension to support a broader range of price points”.

Poundland continued to rationalise its store portfolio, exiting weaker locations and opening in better ones. Poundland opened 20 new stores in the UK over the half year, and relocated five to bigger premises, bringing the total to 875.