By Michael Susin
Pepco Group said that Trevor Masters has decided to step down from the role as chief executive officer with immediate effect and that earnings will be lower than expected.
The discount retailer–which houses Poundland in the U.K. and Dealz and Pepco in continental Europe– said Tuesday that Chair Andy Bond will take over the role until a successor is appointed.
The company added that earnings before interest, taxes, depreciation and amortization for fiscal 2023 ending Sept. 30 are expected to be slightly lower than previously anticipated, but in line with the company-provided market consensus of 802 million euros ($862.1 million), on the back of a weaker-than-expected sales performance.
However, the subsidiary of Steinhoff International Holdings confirmed that it will meet the net new store opening target of 550 stores in fiscal 2023.
Write to Michael Susin at [email protected]
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