Express correction (Image: Reach)
On 10 December 2024, we published an article headlined “Poundland boss blames Rachel Reeves’s Budget as popular chain suffers £640m loss” which incorrectly reported that “Rachel Reeves’ Budget has been blamed for a £640million hit and falling sales by Poundland’s owner.” In fact, although Pepco had said it was facing a “higher cost outlook in the UK following the recent Budget” and cited a “weaker outlook for profitability amid increasing competitive and cost challenges”, the £640m loss was due to a “significant decline in performance in 2023-24” before the Budget had been announced. We are happy to clarify this and apologise for the error.