After 12 months of working as CEO at Poundstretcher, Somnath Saha has left the retailer, according to press reports.
Poundstretcher told The Grocer that;
"Somnath is pursuing new career opportunities and very much enjoyed his time at Poundstretcher, contributing to the rapid expansion in sales."
Somnath was appointed in November 2018. He was previously chief executive ay Typhoo Tea. During his time at Poundstretcher Somnath oversaw the purchase of the 'Bargain Buys' banner. He also outlined plans to double the retailers estate to 800 stores in the UK by 2020.
We do not yet know how the retailer has performed in 2019. However we know Poundstretcher did struggle in FY17/18, where sales were down 2.5%. It attributed its performance to the underlying economic environment and foreign currency exchange rates.
With fierce competition in the variety discount channel coming from strong performers B&M and Home Bargains, Poundstretcher will need to find ways to differentiate itself to stand out.
It has not been announced who will take over the role or who is currently overseeing the business.
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