B&M sees like-for-like sales slow in first quarter
B&M European Value Retail has reported that group sales revenue rose by 24.4% to Â£456.6 million in its first quarter despite a slowdown in the growth of like-for-like sales.
In the 13 weeks to 27 June, UK like-for-like sales increased by 1.1% compared to 6% in the corresponding period last year.
The group said the like-for-like performance was achieved despite “disappointing” weather in May which held back sales of outdoor seasonal products.
At the end of the quarter, B&M’s UK business had 450 stores trading after it opened 25 net new stores in the period.
The group said its two new format pilot stores in Germany are trading in line with budget.
Simon Arora, B&M chief executive, said: "I am pleased to report that the group has delivered another strong Spring trading period. We have opened 25 stores in just 13 weeks, which is a record rate of openings, and testament to the hard work and dedication of our colleagues. As consumer spending improves, it is apparent that shoppers remain keen to spend with value retailers and we continue to win market share."
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