B&M makes good start to new financial year
B&M has said it made a good start to its new financial year with UK like-for-like sales rising by 1.6% in its first quarter.
In the three months to 30 June, group revenue rose to £796.3 million from £656.3 million in the first quarter in the previous year. Meanwhile, revenue at B&M UK rose by 8.3% to £648.3 million.
The retailer opened four new UK stores in the period including one relocation. It also launched four new stores for Heron Foods, its value convenience chain. The company expects to open at least 45 net new stores in the UK in the current financial year, with a greater proportion opening in the second half of the year.
Revenue at Jawoll, B&M’s German fascia, increased by 7% in the period driven by strong sales in the gardening category.
Simon Arora, B&M chief executive, said: “The business has performed strongly in the quarter despite demanding comparables of +7% LFL’s in the previous year and a sluggish market environment. Our competitively priced ranges for garden and outdoor leisure have been very well received and they are achieving great rates of sell-through. We have enjoyed record sales in these seasonal product categories, which is a testament to the appeal of our highly disruptive business model.”
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