Cut price hunters have boosted gross sales at B&M, with the discounter committing to opening 45 new British shops this yr
The FTSE 100-listed retailer stated that group income rose by 10.1 per cent to £5.5billion over the previous yr.
On house turf, B&M’s UK division, the place the group does the majority of its buying and selling, noticed gross sales climb 8.5 per cent to £4.41billion.
B&M has already opened 47 new shops over the previous yr, having purchased out a few of Wilko’s closed retailers, which it stated have been ‘performing forward of expectations’.
B&M has already opened 47 new shops over the previous yr and guarantees to ship extra
The corporate’s French division additionally noticed a 19.2 per cent rise to £514million while its Heron Meals division noticed gross sales soar by 15.3 per cent to £560million.
In a full-year buying and selling replace, overlaying the 53 weeks to 30 March 2024, Liverpool-based B&M stated development had benefitted from an additional week of buying and selling and an early Easter in comparison with 2023.
Alex Russo, chief government of B&M, stated: ‘The enterprise and group are nicely arrange for the yr forward, our pipeline stays on observe to open not lower than 45 UK B&M shops in every of the subsequent two monetary years and our French and Heron companies proceed to exhibit vital worthwhile development potential.’
A key a part of the retailer’s success lies within the retailer’s capacity to supply its big vary of merchandise instantly from B&M’s personal Asia-based shopping for operation, which it says provides it an edge on design and worth.
After Wilko’s collapse final summer time, B&M snapped up 51 of the homeware chain’s shops from directors in a £13million deal.
Then, in November 2023, B&M stated it anticipated to launch at the very least 125 extra retailers throughout the UK over the approaching three years.
On the similar time, the enterprise expanded its long-term home retailer goal from 950 to 1,200.
The corporate operates round 717 UK retailers beneath the B&M model, in addition to 122 French shops and greater than 330 shops beneath the ‘Heron Meals’ and ‘B&M Specific’ names.
Regardless of the constructive outcomes, B&M shares have been down 1.8 per cent to 496.50p in Tuesday morning buying and selling and have fallen 11 per cent this yr.
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