Poundland's owner, Pepco, has acknowledged that it "lost focus" and is rapidly scaling back its international expansion plans after issuing a second profit warning. This comes after a slump in sales of over 10%.

Management Errors Blamed for Sales Slump

Pepco, the company that owns Poundland in the UK and operates stores across Europe and Ireland, has recently ousted its second top executive in two weeks. The management errors were cited as the reason for the decline in sales.

Rapidly Declining Value

The value of Pepco, which was listed on the Warsaw stock exchange earlier this year, has decreased by 20%. Its value has halved since the recent profit warning.

"Trying to do Too Many Things at Once"

Chairman Andy Bond has attributed the sales slump to Poundland's attempt to diversify its business too quickly. He admitted that the retailer needs to focus on its core store business and make sure it is healthy.

New Leadership and Revised Ambitions

Barry Williams, the current boss of Poundland, has been appointed as the new managing director of Pepco. The company will now review its ambitions to open 550 new shops and revaluate all spending.

Poundland's Recent Acquisitions

Poundland recently acquired 71 shops from the bankrupt trader WILKO. The company plans to reopen ten of these stores this weekend.

Despite the setbacks, Poundland is still experiencing sales growth and is financially secure.

Zuck's A.I Spec-tacular

Mark Zuckerberg, the CEO of Meta, has showcased the company's new Ray Ban sunglasses that come with built-in artificial intelligence. The glasses have the ability to instantly translate foreign languages, making travel and communication easier.

Meta is not the only company exploring the possibilities of AI. Open AI, the company behind ChatGPT, is collaborating with renowned designer Sir Jony Ive on a range of AI gadgets.

Winter Chill at Ryanair

Ryanair has announced that it will have to cancel flights during the winter season due to a shortage of planes. The airline was expecting to receive 27 new planes from Boeing but will now only receive 14 in time.

Cancellations will affect routes from the East Midlands, Dublin, Italy, Portugal, Belgium, and Germany. The affected passengers will be informed via email and offered alternative flights or full refunds.

Fears of China Dip

The arrest of Evergrande's chair has raised concerns about the health of the Chinese economy. Evergrande, a major property developer, is facing a regulatory investigation and struggling to refinance its £250 billion debt. The Chinese real estate sector is a significant part of the country's economy.

888 Losing Run

Bookmaker firm 888 has issued a profits warning due to "customer friendly" sports results. The company saw a dip in sales after recent successful bets by customers, including Man City's six consecutive wins. Shares in 888 dropped by almost 15% following the announcement.

Mergers and takeovers in the UK have reached a 14-year low, with deals dropping by 45% compared to last year.

Boozers' Boost

Mitchell's & Butler, the owner of popular bar chains like All Bar One and O'Neill's, has reported a 10% increase in sales following a strong summer. The company also noted that inflationary pressures were easing, and costs were expected to be at the lower end of expectations.

Additionally, a recent report found that UK pubs support 936,000 jobs, contribute £15 billion in taxes, and add £28 billion to the wider economy.