Growing B&M to open 125 stores in three years

Parent group B&M European Value Retail saw revenue grow 10.4 per cent to £2.54 billion in the 26 weeks to September 23 from a year earlier.

Its pre-tax profits were up 10.5 per cent from £201 million to £222m.

The new openings will take the number of UK stores to 1,200. In the half year 13 opened in the UK as well as five in France and 10 Heron Foods stores.

Chief executive Alex Russo said it had been another strong half year with existing B&M UK stores seeing like-for-like sales increase by 6.2 per cent.

He explained that the agreement to acquire up to 51 former Wilko stores was a significant step which underpinned the new opening programme.

The 125 new B&M stores in the UK would add up to a fifth to its total sales area.

"I am delighted that many of our existing shareholders have been with us since our initial public offering and continue to see our long-term growth potential. With our new store number guidance and continued like-for-like growth, we have the runway to at least double our size in the UK in the medium term, while France also offers sizeable long-term potential," said Mr Russo.

Th group’s 2023-2024 adjusted earings before tax guidance has been increased to a range of £620m to £630m, materially higher than the 2022-2023 performance of £573m.