Steinhoff - comment

Pepco revealed Q123 (calendar Q422) constant currency revenue growth of over 40% (excl. Poundland), half through LfL growth and half through store growth - the latter certainly set to continue and the former could be helped by a wide-ranging store refit planned for this year. Poundland grew with a less convincing 4.4% LfL, considering inflation. Q1/Q4 trading updates only cover so much information and there will be final covid restrictions in the comps, but at €1,654m the top line is on fire. We had €1,243m…