B&M posts strong uplift in sales and profit
B&M increased its group pre-tax profit by 122.4% to £235.6 million in the first half of its financial year.
In the six months to 26 September, group revenue climbed by 25.3% to £2.24 billion as like-for-like sales rose by 23% at its B&M UK fascias.
Meanwhile, revenue at its Heron Foods business grew by 14.8% to £216.2 million, although sales at its French Babou chain declined by 2.4%.
Simon Arora, B&M chief executive, said: “The group delivered a strong performance in the first half, with our business model proving well-attuned to the evolving needs of customers. Our combination of everyday value across a broad range of product categories and convenient out of town locations has proved popular with shoppers.”
B&M said it has created over 1,800 new jobs across the group during the past six months and has also repaid the £3.7 million furlough support it received during the initial Covid-19 lockdown.
Commenting on the outlook, Arora said: “Despite the wider economic uncertainty and ongoing restrictions related to Covid-19, we remain confident in our business model and future prospects.”
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