Poundland has reported a near £1 billion total in annual sales amid suggestion that it could double its store portfolio.

The chain currently has 528 stores in the UK, after opening 70 outlets in the past year.

Poundland chief executive Jim McCarthy told BBC Radio 4's Today programme that the retailer's research suggested it could open as many as 1400 stores across the country but "internally we use 1,000. It's a nice round number."

He added that he was unconcerned about the firm's growth prospects as the economy recovered, saying that although it seemed counter intuitive, "Poundland and other discount retailers do better as consumer confidence improves".