Strong annual sales growth for B&M
The owner of the UK's B&M stores enjoyed strong growth in its latest financial year.
B&M European Value Retail said group revenue was 30.7 per cent ahead of pre-pandemic levels in 2019-2020 at £4.98 billion for the year to March 25.
It was up 6.6 per cent on £4.67bn in 2021-2022
The group now has 707 UK stores with many in the Black Country, Shropshire, Staffordshire and Worcestershire.
Pre-tax profit for the year was down 17 per cent from £525 million for 2021-2022 to £436m
In the UK customer transaction numbers increased every month since June.
There were 21 new store openings and 15 closures and relocations in the year.
Sales in France increased by 22.1 per cent and sales in Heron Foods increased by 18.1 per cent.
In the first nine weeks of 2023-2024 UK like-for-like sales have grown at 8.3 per cent.
Chief executive Alejandro Russo said 2022-2023 had been another year of strong underlying progress for B&M and the long-term future looked very positive.
"B&M has many years of profitable growth ahead, to be delivered through our four channels of growth (existing B&M UK stores, new B&M UK stores, France and Heron) and in delivering this growth, B&M will generate cash and compound earnings growth for our shareholders. We are actively responding to the short-term pressure on consumers from the cost-of-living crisis, with a relentless focus on price and value. A strengthened management team and the hard work of our 39,000 employees executing our unchanged strategy will help us deliver in the current financial year. We expect to grow sales and profits in FY24, despite economic uncertainty," he added.
