Liverpool value retail chain B&M says revenues for the first quarter of its fiscal year are up 2.4% to £1.35bn with a number of new stores now open. Tony McDonough reports
Value retail chain B&M has opened 19 new stores in the first quarter of its financial year and seen revenues rise 2.4% to £1.35bn.
In June, Liverpool-based B&M reported a 14% surge in pre-tax profits for the year to March 30 to almost £500m. Sales for the 12 month period were also up 10.1% to £5.5bn.
On Tuesday stock market-listed B&M revealed figures for the 13 weeks from March 31 to June 29. They show the sales momentum is continuing, particularly in France where it operates more than 120 stores and saw revenues rise 7.5% to £126m.
In the UK its B&M stores, which total around 760, saw sales up 1.5% to £1.08bn. Sales in its UK frozen food chain Heron Foods, which number more than 330, rose 2.7% to £139m.
From its headquarters and distribution base in south Liverpool, B&M is planning to open 45 new stores across its portfolio in the current financial year. It has a long-term target of around 1,200 stores in the UK.
In the trading update on Tuesday, B&M said: “All stores opened since last year are performing ahead of expectations.”
It added: “Our logistics capacity across the UK and France continues to support volume growth well. Our network configuration in the UK has been strengthened in the last two years with additional capacity in France already under way.”
B&M chief executive Alex Russo said: “The growth fundamentals of our business are strong, with a highly disciplined approach on pricing, product and high operational standards.
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“We continue to offer our customers exceptional value at a time when household incomes are under pressure. Ahead of Q2, we have launched our Everyday Value range with more than 500 new lines in core categories across home, electrical and pet in the UK and France.
“As we transition towards autumn / winter in the months ahead, our relentless focus on Everyday Low Price and Everyday Low Cost will ensure we continue to serve our customers well.”
