B&M plans more store openings as yearly sales jump
The discount retailer said it had a ‘relentless’ focus on low prices for everyday products.
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Your support makes all the difference.Discount retailer B&M has revealed its sales jumped by a tenth over the past year, as cost-conscious shoppers continued to hunt for deals.
The chain, which sells everything from household furniture and DIY products to cupboard staples and clothing, said it had a “relentless” focus on low prices for everyday products.
B&M European Value Retail, which also incorporates Heron Foods and B&M in France, said group revenues increased by 10.1% to £5.5 billion in the year to the end of March, compared with the previous year.
This was driven by a higher volume of sales and revenues increasing on a like-for-like basis, meaning it excludes newer stores which skew the comparison.
Revenue growth also benefited from an extra week of trading including in the financial year, as well as Easter being celebrated earlier in the year.
In the UK, sales at B&M hit £4.4 billion, which was 3.7% higher than the previous year on a like-for-like basis, driven by customers buying more products.
B&M opened 47 new stores across the UK last year as it continued its rapid expansion across the country.
It also acquired up to 51 store locations from rival retailer Wilko, which collapsed last year and was forced to shut its 400 UK shops and make almost all of its 12,500 workers redundant.
B&M said the stores it had reopened were performing better than its expectations.
Meanwhile, the group said it was expecting its annual profits to be at the top-end of its previous guidance.
Adjusted earnings, excluding costs like interest and and tax, are predicted to be £629 million, which would be nearly a tenth higher than the prior year.
Alex Russo, B&M’s chief executive, said the retailer has a “relentless focus on everyday low prices, great product ranges and excellence in operational standards”.
He said plans remain on track to open at least 45 B&M UK stores in each of the next two financial years.