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B&M hails ‘golden’ quarter

Value retailer B&M Group saw its its revenue edge up  0.1% year-on-year in its third quarter on a constant currency basis, although total sales at its… View Article

GENERAL MERCHANDISE NEWS

B&M hails ‘golden’ quarter

Value retailer B&M Group saw its its revenue edge up  0.1% year-on-year in its third quarter on a constant currency basis, although total sales at its B&M fascia in the UK declined by 2.5%.

The 13-week period to 25 December saw like-for-like sales at B&M in the UK fall by 6.2% compared to a year ago, but sales were up 14% on a two-year basis prior to the Covid-19 pandemic.

In a trading statement, B&M said the performance at its Heron Foods chain has continued to improve, with positive two-year like-for-like  revenue growth in the quarter. Meanwhile B&M France achieved revenue growth of 30% year-on-year.

Simon Arora, B&M Group chief executive, said: “The group has delivered a very strong golden quarter, with our two-year like-for-like performance demonstrating strong retention of new customers. Our decision to take receipt of imported Christmas stock early in the season meant we were able to provide customers with great products at great prices. The consistency of performance in the core B&M UK business reflects the growing appeal of our stores as a destination visit for seasonal products, as well as the strength of our supply chain.”

The retailer will be rewarding over 24,000 staff members for their efforts during the current financial year with a discretionary bonus payment of an extra week’s wages in January.

Arora added: “I would like to thank all of our colleagues for helping to deliver our best-ever Christmas. Although the pandemic continues to create challenges for retailers and consumers alike, our relentless focus on value-for-money remains undiminished. Despite ongoing supply chain disruption, inflationary pressures and uncertainty surrounding possible Covid-related restrictions, we remain confident in B&M’s prospects for 2022.”

B&M is now expecting group adjusted EBITDA  to be in the range of £605 million to £625 million, which is ahead of the current analysts’ consensus estimate of £578 million.

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