B&M posts uplift in sales and profit as it accelerates store opening programme
B&M has posted an increase in annual sales and profit as it looks ahead to a major expansion of its store footprint.
In the year to March, revenue rose by 10.1% to £5.5 billion as pre-tax profit grew by 14.1% to £498 million.
Alex Russo, B&M group chief executive, said: “FY24 has been another good year for B&M. The three key components of our business – buying, logistics and retail, are working in balance and we continue to deliver excellent products at everyday low prices to our consumers. We are well set for the years ahead.”
B&M accelerated its store opening programme in the fourth quarter of the year and in FY25 will launch at least 45 new UK stores, as well as a “meaningful number” in France and for its Heron fascia. It has also raised its long-term store target to not less than 1,200 B&M UK stores from the current base of 741.
Russo said: “We have demonstrated strong volume-led momentum in our business throughout our trading history and that has continued, driving our profits ahead of both pandemic and pre-pandemic benchmarks.
“Despite the more challenging comparatives, with continued new store openings, and a laser focus on low prices and best in class retail standards, we remain confident in our outlook for cash generation and profit growth.”
B&M has also announced the appointment of Tiffany Hall as non-executive chair following an extensive search process.
A non-executive director of B&M since 2018, she will succeed Peter Bamford who will retire from the board at the conclusion of the AGM on 23 July after six years in the role.
Hall is a former chief executive of BUPA Home Healthcare and also previously held senior commercial positions at British Airways.
Bamford said: “I’m delighted that Tiffany is to be the next chair of B&M. I have enjoyed working with her over the last 5 years and she has demonstrated a clear understanding of B&M and the skills required to lead the board in the future.”
