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Pepco Group NV raised its full-year earnings outlook on Tuesday and announced a new €400 million share buyback program after posting its strongest quarterly like-for-like sales growth since resetting its business strategy.
The European discount retailer now expects FY26 underlying net earnings to increase by more than 60%, up from its previous forecast of growth above 50%. Pepco said underlying earnings per share should rise at an even faster pace, supported by a reduced number of shares outstanding.
Full-year revenue is forecast to exceed €4.5 billion, representing constant-currency growth of roughly 8%. That puts Pepco at the upper end of its previous guidance range of 6% to 8%. The company expects gross margin to come in at approximately 51%, while underlying EBITDA is still projected to grow at a mid-teens percentage rate.
Pepco's fourth-quarter trading showed significant momentum. Constant-currency revenue climbed 15.6% during the period through September 20, while like-for-like sales excluding fast-moving consumer goods increased 9.5%. That marked an acceleration from 5.4% growth in the third quarter and represented Pepco's strongest quarterly like-for-like performance since its strategy reset.
The retailer said efforts to clear older-season inventory contributed an estimated 3 to 5 percentage points to fourth-quarter like-for-like growth. However, the clearance activity also resulted in a one-time gross-margin impact of about 200 basis points.
Pepco also upgraded its FY26 unlevered free cash flow forecast to more than €350 million, compared with its previous estimate of approximately €300 million. Capital expenditure is expected to total around €150 million, while the company plans to add roughly 250 net new stores during the financial year.
Alongside the improved outlook, Pepco's board approved a new multi-year share buyback of up to €400 million. The program will be available from FY27 through FY29 and follows the completion of a separate €400 million tender buyback in August.
