B&M sales and new stores soar

DISCOUNT retailer B&M Bargains continued its rapid growth in its third quarter as sales and new store openings surged.

The Liverpool-based group, which floated on the Stock Market last year, said it expected to maintain the momentum for the rest of the financial year.

Group sales rose 28.8% to £527.9m in the 13 weeks to December 27 compared to £409.9m in 2013.

Excluding its new German business UK sales went up 20.5% to £493.8m with like for like sales growth of 4.5%  on top of a strong quarter the previous year.

At the end of the quarter the UK business had 417 stores trading, having opened 24 stores.

The company expect to open at least 50 new stores in the UK this financial year, and has a strong pipeline of at least 45 new stores across the UK for the following financial year.

B&M chief executive Simon Arora, said: “The group’s third quarter trading performance has been pleasing despite the competitive market.
 
“Our Christmas decoration and gifting ranges enjoyed a good rate of sell-through and we believe we are becoming a destination store for these important seasonal categories.

“The 44 new stores opened by the end of the third quarter have also traded well over their first Christmas season.
 
“We expect to meet market expectations of revenue and profit growth in our maiden year as a quoted company.”

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