B&M revenues boosted by record number of store openings
B&M European Value saw its group revenue increase by 25.8% to £930.3 million in the first half of its financial year as trade was driven by new stores opening at a record rate for the retailer.
In the 26 weeks to 26 September, group adjusted EBITDA climbed by 18.6% to £86.6 million while UK like-for-like sales grew by 1.2%.
The retailer opened 47 net new stores in the period and said it is on track for 80 net new openings in the current financial year.
In addition, B&M’s German business, Jawoll, opened two new stores.
Sir Terry Leahy, B&M chairman, said: "B&M has made good progress in the first half of the financial year towards its strategic goals of reaching at least 850 UK stores and creating a platform for longer term growth in Germany, whilst delivering further pleasing growth in sales, profits and cash generation. We are well prepared for the rest of the year and beyond."
During the first half, B&M also launched two new UK distribution centres totalling 800,000 square feet.
Simon Arora, B&M chief executive, added: "The investment made in our supply chain infrastructure and in other core functions will support the next stage of our expansion. Our colleagues have worked incredibly hard over the period and I am very proud of their continued achievements."
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