Group revenue up for B&M but 'unseasonal weather' hits UK like-for-like sales
Discount retailer B&M has seen group revenues rise by 2.4%, driven by volume and a disciplined store opening programme across the three businesses.
In a trading update for the first quarter of its current financial year – the 13-week period from March 31 to June 29 – the company said total group revenue stood at £1.35 billion.
However, B&M UK like-for-like sales were down 3.5% which the business said was due to matching up against exceptionally strong comparatives of 9.2% in quarter one last year and unseasonal weather in April and May this year.
B&M said it had seen strong, profitable progress made on UK store openings, with 19 new stores in the quarter and 45 openings planned in total. It added all stores opened since last year are performing ahead of expectations.
The business said well-planned seasonal stock buy, particularly in gardening, had delivered high sell-through in the quarter.
The company said its three businesses – B&M UK, Heron Foods and B&M France – are 'well set up commercially and operationally into quarter two'.
Alex Russo, Chief Executive, said: “The growth fundamentals of our business are strong, with a highly disciplined approach on pricing, product and high operational standards.
"We continue to offer our customers exceptional value at a time when household incomes are under pressure.
"Ahead of quarter two, we have launched our Everyday Value range with more than 500 new lines in core categories across home, electrical and pet in the UK and France.
"As we transition towards autumn and winter in the months ahead, our relentless focus on Everyday Low Price and Everyday Low Cost will ensure we continue to serve our customers well."
