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B&M reports strong first quarter

B&M has seen strong first quarter trading with revenue growing by 18.3% to £656.3 million. The retailer said the performance was boosted by robust grocery sales.

GENERAL MERCHANDISE

B&M reports strong first quarter

B&M has seen strong first quarter trading with revenue growing by 18.3% to £656.3 million. The retailer said the performance was boosted by robust grocery sales.

In the three months to 24 June, B&M grew its UK sales revenue by 17.8% to £598.4 million with like-for-like sales growth of 7.3% although the UK business benefited from the timing of Easter trading which fell in the quarter this year. This added approximately 1% to the headline like-for-like total.

Its German business grew its revenue by 23.9%.

During the quarter, B&M opened nine new UK stores and four in Germany.

Simon Arora, B&M chief executive, said: “This quarter's like-for like growth represents B&M's strongest first quarter for three years. In these uncertain times, and with inflation returning to the UK market, more and more shoppers are actively seeking out value in our stores and that means our business is strongly positioned to do well and continue its rapid growth."

The retailer said the second quarter has started well and that it is on course to achieve market consensus profit expectations for the full year.

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