Overview
- The restructuring closed nearly 150 shops and cut about 2,200 roles, leaving 651 stores versus roughly 800 before.
- Executives say large-scale closures have finished, with any future exits tied to routine lease events, as 12 final stores shut by February 16 with clearance sales.
- Grocery pricing reverts to £1, £2 and £3 across the UK, with about 60% at £1, as frozen food is removed, the app is retired, and distribution is consolidated to Wigan and Harlow after closing Darton and Springvale sites.
- In the quarter to December 28, like-for-like sales by value fell 2.9% as prices were cut, volumes rose 2%, and first‑quarter underlying earnings reached £17.3 million in line with expectations.
- PEP&CO clothing returns in the UK and Ireland from next week with 90% of items under £10 and expanded womenswear sizing, supported by a new national ad campaign.