B&M records double-digit revenue rise as it continues store expansion

B&M has reported a group revenue increase of 10.4 per cent in the 26 weeks ended 23 September.

Across the six-month period, the retailer’s revenue stood at around £2.5 billion compared to £2.3 billion in 2022.

Existing B&M UK stores saw like-for-like sales increase by 6.2 per cent, with the retailer stating that around half came from increased customer transaction numbers. The company said this was further helped by the material step change in store operational standards which was a key focus for management over the period.

The opening of 13 gross new B&M UK stores, a net increase of five stores, saw its total sales area outgrow growth in store numbers, it said.

France delivered total sales growth of over 26 per cent, with the retailer stating that the country remains on track for 10 new stores across the financial year and at least the same number next year.

The company added that it expects to open no less than 35 stores during the current financial period and no less than 45 in both 2024 and 2025.

B&M-owned Heron Foods total sales were up 17 per cent, with the retailer revealing it had opened nine new stores during the 26-week period. The company also remains on track to open a further 20 new stores during this financial year.

“The agreement to acquire up to 51 ex-Wilko stores is a significant step which underpins our opening programme,” said B&M chief executive Alex Russo. “All four of our channels of growth are delivering strong results, underpinned by our relentless focus on low prices, cost control, simplicity in everything we do and disciplined profitable growth.”

He added: “Over the next three years we expect to open not less than 125 new B&M stores in the UK, adding up to 20 per cent to our sales area.”

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