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B&M hails good progress

B&M has said it is on track to achieve its full year profit expectations despite “challenging” trading conditions in its first quarter.

GENERAL MERCHANDISE

B&M hails good progress

B&M has said it is on track to achieve its full year profit expectations despite “challenging” trading conditions in its first quarter.

In the 13 weeks to 25 June total group revenue increased by 21.5% to £554.8 million while UK revenue rose by 21.3% to £508.1 million.

UK like-for-like sales were flat but on an underlying basis rose by 1.7% in the period.

B&M opened 12 new UK stores in the quarter and five in Germany. By the end of the period it operated 511 stores.

The company said it had a slow start to the quarter due to unseasonal weather and the timing of Easter compared to last year. It said sales rebounded sharply in May and current trading is stable despite sales of outdoor and garden products fluctuating from week to week due to the changeable weather.

Simon Arora, B&M chief executive, said: "Against a highly competitive backdrop, our robust and compelling retail business model delivered 21% growth over this first quarter. We have a well-defined and clear strategy for further growth and for B&M it remains 'business as usual' despite broader general economic uncertainty.”

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