Discount variety retailer B&M announces 8.3% revenue growth to £648.3m in first quarter, with group revenues up more than a fifth.
B&M European Value Retail S.A., the Liverpool-based business which owns B&M Stores, Heron Foods and German discount store Jawoll, grew its group revenues by 21.3% in the first quarter, from £656.3m to £796.3m.
Revenues for the B&M brand rose from £598.4m to £648.3m for the first quarter of the financial year, representing like-for-like sales growth of around 1.6%.
The discount retailer’s good start to the financial year bucks the current trend of multiples issuing profit warnings and announcing store closures. During the first quarter B&M Stores opened four new shops in the UK, including one relocation, and has announced it plans to open around 50 new stores in the UK during the financial year. The Group had 846 trading stores across the UK at the end of the quarter, of which 578 operate under the B&M brand, including around 20 stores in Scotland.
Simon Arora, B&M chief executive, said the business had performed strongly despite a "sluggish market environment,” and that the strong start to the new financial year proves its disruptive value model continues to be attractive to customers.
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