B&M hails solid sales growth despite ‘sluggish’ conditions
The value chain has been defying the retail gloom affecting other household names.
B&M has hailed a solid start to its financial year, despite battling against “sluggish” market conditions on the UK high street.
The group’s revenue grew by 21.3% for the period between April 1 and June 30, rising from £656.3 million to £796.3 million.
B&M’s revenues rose from £598.4 million to £648.3 million for the quarter, representing UK like-for-like sales growth of 1.6%.
The value chain said it had opened four new B&M stores during the quarter. It is aiming to expand its estate by 50 stores by the end of the year.
Sales in Heron Foods, the convenience chain it bought in August 2017, came to £86.1 million. The group is aiming to open between 15 and 20 Heron stores in the year.
The group also operates in Germany under the discount brand Jawoll, which it said was making “encouraging progress”.
Sales at the retail chain were up by 7% in the quarter to £61.9 million.
Our competitively-priced ranges for garden and outdoor leisure have been very well received and they are achieving great rates of sell-through B&M chief executive Simon Arora
B&M chief executive Simon Arora said the business had performed strongly despite a “sluggish market environment”.
“Our competitively-priced ranges for garden and outdoor leisure have been very well received and they are achieving great rates of sell-through,” he said.
“We have enjoyed record sales in these seasonal product categories, which is a testament to the appeal of our highly-disruptive business model.”