B&M reports strong revenue growth
B&M European Value Retail has seen its full year group revenues grow by 29.5% to Â£1.65 billion as the company continues to expand its network of stores.
In the 52 weeks to 28 March 2015, group EBITDA increased by 33.3% to £150.2 million while adjusted profit before tax climbed by 55.7% to £135 million.
UK like-for-like sales edged up 4.4% which marks a slowing from the 6.5% like-for-like growth seen in the previous year.
B&M chairman Sir Terry Leahy said: "It is pleasing to report to shareholders that in B&M's first year as a public company it has delivered strong increases in sales, profits and cash generation whilst pushing on with rapid store rollout and investing in new infrastructure to support continued growth."
During the year, B&M opened 52 stores in the UK and acquired a further 49 though its acquisition of a majority stake in the Jawoll general merchandise business in Germany. The company said it has a strong pipeline of new stores and expects to open 60 in the 2016 financial year.
Simon Arora, B&M chief executive, said: "For many shoppers across the UK, B&M is now an established part of their regular shopping habits and, in tandem with our strong roll-out programme, this has enabled us to become one of the leaders in the rapid growth of value-led retailing in the UK.”
Looking ahead, the company said the retail industry remains “competitive” and a cold May has led to a slow start for its outdoor ranges. It added: “Despite this, we remain confident for the year ahead. We believe that our disruptive business model and the value for money which we offer to our customers will continue to deliver strong, profitable, cash-generative growth into the long-term as we roll out the B&M offer to more shoppers across our chosen markets.”
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