Poundland sales hit hallowed £1bn in 2014

Revenues of discounting behemoth Poundland crossed £1bn ($1.46bn, €1.38bn) for the first time as it gears up to complete the acquisition of 99p Stores.

Poundland came within £3m of making £1bn in revenue in 2014. This year total sales, excluding Spain, increased by 11.8%, which helped Europe's largest fixed-price discounter to proceeds of £1.1bn for the financial year ending 29 March.

Chief executive Jim McCarthy said: "We have managed our costs and cash well, and we expect underlying pretax profits to be in line with market expectations for the year as a whole.

"We expect to continue to deliver our growth strategy in the new financial year, notwithstanding some headwinds from a weaker Euro and a tough comparable in the first half."

It also added 60 new stores to its UK and Ireland portfolio, which currently stands at 547 in the UK and a further 41 in Ireland, adding that it "has a strong pipeline of stores for the current financial year".

However, Poundland may have to sell some of its stores because the Competition and Markets Authority is worried that its £55m acquisition of 99p Stores means there will be a lack of competition in the sector. The deal will see Poundland absorb some 251 99p Stores outlets.

Poundland has said "we continue to carefully consider the UK Competition and Markets" and will make an announcement in due course.