New stores boost B&M revenue and profits

New stores boost B&M revenue and profits

Liverpool-headquartered B&M European has announced its interim results, announcing revenue of £1.35bn, a 22% increase on the same period last year.

Profit before tax also saw a significant increase, up 17.8% to £86.8m in the six months to September 23.

These results have been boosted by 20 new B&M UK store openings across the country, with the company on track to open gross 50 new B&M stores this financial year.

Chairman Sir Terry Leahy said: “B&M has delivered an excellent performance in the first half of the financial year with strong growth in revenues, EBITDA and profit before tax.

“Our trading momentum in the UK has been maintained, driven by more shoppers seeking out value at B&M, combined with further improvements to our offer for customers particularly in ranging, pricing and store standards.

“We are well placed for the approaching Christmas season and we look forward to the remainder of the financial year with confidence.”

Chief executive Simon Arora said: “B&M continues to prosper in a challenging retail environment and our teams remain wholly focused on helping our customers spend less during uncertain times.

“Our UK business continues to go from strength to strength, with new and like-for-like stores performing exceptionally well and the acquisition of Heron has added another leg of growth to the Group.

“We have also taken steps to enable us to push on with expanding our Jawoll business.”

In a statement, B&M also announced that Leahy will retire from the board on March 1, 2018 and will be succeeded by non-executive chairman Peter Bamford.