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B&M reports 10% growth as “everyday low prices” attracts customers

Image © B&M

B&M has reported group revenues of £5.5bn, an increased of 10.1%, with UK sales up 8% year on year.

In its latest results, for the 53 week financial period to 30 March 2024, the discount retailer has credited early Easter timing and strong volume performance across both FMCG and general merchandise.

Its French business also recorded a yearly increase of nearly 20%, hitting revenues of £514mn.

The value chain retailer has opened 47 B&M UK new stores, two ahead of previous guidance, all of which are trading well. It also highlighted that the 51 Wilko stores it purchased in September 2023, after the company went into administration in August, are “performing ahead of expectations”.

Alex Russo, chief executive of B&M, said: “The Group has performed well in the year delivering strong operational execution. We serve our customers through a relentless focus on everyday low prices (EDLP), great product ranges and excellence in operational standards. This delivers profitable, cash generating growth for our shareholders.

“The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years and our French and Heron businesses continue to demonstrate significant profitable growth potential.”

B&M only introduced an ecommerce offering in 2022, with the home delivery trial proving successful as it generated £3mn in the first six months of operations. Around 100 products, including sofas, kitchen appliances and garden furniture, are available to order online for home delivery. 

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