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B&M’s new stores help it near £500mn profit

Image © B&M

Discount retailer B&M opened 47 new UK stores last year, including 21 former Wilko sites which it acquired in 2023, and has credited its bricks-and-mortar operations for a profit of almost £500mn.

In its full year results presentation for the 53 weeks to 25 March 2024, B&M reported revenue increased by 10% to £5.5bn. Additionally, its adjusted EBITDA of £629mn exceeded its “lockdown” peak of £626mn.

“FY24 has been another good year for B&M”, said Alex Russo, chief executive of B&M.

“The three key components of our business – buying, logistics and retail, are working in balance and we continue to deliver excellent products at everyday low prices to our consumers. We are well set for the years ahead.

“We have demonstrated strong volume-led momentum in our business throughout our trading history and that has continued, driving our profits ahead of both pandemic and pre-pandemic benchmarks.

“Despite the more challenging comparatives, with continued new store openings, and a laser focus on low prices and best in class retail standards, we remain confident in our outlook for cash generation and profit growth.”

It plans to open at least 45 new UK stores this year, as part of its goal to reach 1,200 sites across the country.

The retailer has put its faith in physical locations halting home delivery last April. B&M initially introduced a limited ecommerce offering in 2022, with the trial featuring 1,000 products such as homeware, DIY products, electricals and pet accessories. However, B&M has since stopped offering home delivery services to customers, with only a browse and store finder facility available online.

Read more: GUEST COMMENT Industry reaction as B&M scraps home delivery

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