B&M hails year of strong progress
B&M European Value has said it made strong progress in the year to 26 March with group revenues increasing by 23.6% to £2.0353 billion.
Adjusted pre-tax profit climbed by 19.5% to £161.4 million while UK like-for-like sales rose by 0.3%.
Sir Terry Leahy, B&M chairman, said: "B&M has delivered another year of strong progress with the implementation of our strategy for growth and an excellent financial performance in terms of overall sales, profits and cash generation. Our expansion strategy is on track to deliver further growth during the year ahead in our chosen markets.”
The company opened a record 79 UK stores in the year to take the total to 499 at the end of March. B&M now regularly serves 3.3 million customers on average each week compared to 2.6 million at the time of its IPO in June 2014.
It is now planning to open 50 net new stores in the UK and around 19 in Germany. In addition, B&M opened two new UK distribution centres in September 2015 to support the continued store growth.
Simon Arora, B&M chief executive, said: “Whilst we are mindful that the general economic outlook is uncertain, and the market remains fiercely competitive, we have made a solid start to the new financial year. We believe our unique business model places us in a strong position and we look forward to the year ahead with confidence.”
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