Low cost chain continues to buck retail trend as revenues hit £738m
Revenues have grown to £738.9m at B&M as the low cost retailer continues to buck the trend on the High Street.
The firm, which is based in Liverpool, has released a trading update relating to the period from 31 March to 29 June.
The company said it enjoyed a solid start to the new financial year as its disruptive value model continues to prove highly attractive to customers.
Group revenue growth in the quarter was 21.4%, with B&M UK revenue growth of 13.8% including like-for-like growth of +3.9%.
Twelve new B&M stores opened in the quarter and one relocated. The firm is on track for 45 net new stores in the year as a whole.
There was solid like-for-like sales growth and six new stores opened in the quarter in the value convenience store chain, Heron Foods.
Jawoll’s revenue increased by 1.9% to £63.1m and revenue for the non-comparable quarter period in the French business Babou was £72.6m.
Simon Arora, chief executive, said: “The Group has made a solid start and we are on track with our plans for the year as a whole, with a strong performance in the B&M UK business and continued implementation of our planned change programmes in Germany and France, with a continued focus on resolving the warehousing and logistics challenges in Jawoll.
“B&M had its third consecutive record Easter trading period with sales of seasonal products and Homewares performing particularly well and Heron Foods has traded solidly too.
“The transitional changes to the product offers in Jawoll and Babou are now taking shape, as we apply the B&M model to those businesses. We look forward to the remainder of the year with confidence.”
