The Poundland parent company has altered its EBITDA for the full year to approximately €750m (£648m). The revised profit guidance is driven by weaker sales, continued inflationary pressures on costs and the “drag from investment in new stores”.

Pepco saw lower-than-anticipated revenues during August, which worsened in September as there was lower consumer demand for clothing and general merchandise, as well as “weaker than expected” performance from new stores.