Solid growth for B&M chain
Retail group B&M, which has stores across the Black Country, Shropshire and Staffordshire, achieved solid growth in its last financial year and has seen robust trading despite the challenges from Covid-19.
In the year to March 28, group revenue increased by 16.5% to £3.81 billion and in the UK it was 12.6%.
The group's pre-tax profit increased by 3.2% to £252 million.
There were a net 36 new stores opened in the UK to take the total to 656 with a further 30 openings planned for the current year and despite the disruption from Covid-19, the overall long-term target is to have at least 950 B&M stores in the country.
Since the year end, the UK business delivered £1m in cash donations to food banks and gave £2.9m of discounts to NHS workers. Store and distribution colleagues received 110% of normal pay to reflect their increased responsibilities and workload.
Chief executive Simon Arora said: "In this last financial year our core B&M UK business delivered solid growth, as did our Heron Foods convenience store business. However, so much about our lives has changed so profoundly and so fast as a result of Covid-19 that a financial year which ended only a short time ago already seems a world away.
"It is an understatement to say that the progress made during the year has been overtaken by recent events. The challenges posed by the virus have been beyond anything we have experienced before; they have tested every aspect of the way we do business in recent weeks and I'm pleased to say that B&M is coming through the crisis well because of the strength of the B&M proposition and the way our team has responded to those challenges. For that, I express my gratitude to all of my colleagues across the business.
"Looking ahead, there are of course many uncertainties for the economy, consumers and not least for the retail industry. We will all be living with the consequences of the virus and the public health responses to it for a long time to come. I am however confident though that B&M with its modern network of mostly out-of-town stores, well-invested infrastructure and value-led variety offer is well positioned to support the communities in which we trade for whatever lies ahead. The health and safety of our colleagues and customers will remain a priority."
