B&M posts strong uplift in sales and profit
B&M has increased its full year pre-tax profit by 10.3% to £249.4 million as its continues its store expansion programme.
Group revenue climbed by 17.1% to £3.5 billion in the year to 30 March following revenue growth of 8.7% in the UK, which was mainly driven by new store openings. Meanwhile, like-for-like sales at the UK stores edged up 0.7% in the period.
In Germany, where B&M operates its Jawoll stores, revenue grew by 6.7% to £213.7 million, despite the performance being hampered by clearance of obsolete stock to make way for new ranges and more products sourced through B&M’s supply chain.
Simon Arora, B&M chief executive, said: “B&M has again delivered strong results against the challenging backdrop of continued structural change in our industry, rising costs and uncertain times for consumers, demonstrating that its value credentials remain as resonant as ever with customers, whether they need a bargain or just enjoy one.
“We have made important progress in establishing platforms for further long term expansion in both Germany and France although there is much work to be done to implement the disruptive, value-led B&M model in these large new markets.”
The company said it had made a “pleasing” start to the first quarter of the new financial year and that the B&M fascia had delivered its best-ever Easter trading season.
Arora added: “We enter the new financial year with renewed trading momentum particularly in the UK, a high quality new store expansion programme in place, and investing in our new infrastructure to support future growth. I’m confident B&M is well-positioned to deliver further strong progress in the current year and beyond.”
