Business News: Poundland stores suffers after 99p stores buy

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Poundland, being stalked by potential bidder Steinhoff, saw profits fall amid weak trading and the “strain” of integrating former rival 99p Stores.Poundland said in its statement that the 99p-chain purchase “naturally placed a strain on the core business”.
Annual pre-tax profits at the 900-strong chain tumbled 83.7% to £5.9m, although sales rose 18.7% to £1.3bn.
Stripping out the 99p Stores acquisition, profits fell 13.5% to £37.8m on sales up 9.3% to £1.2bn.

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