By Lars Mucklejohn
B&M has reported a rise in sales as customers are squeezed by high inflation and the discount retailer plans a wave of new stores, including those formerly owned by collapsed rival Wilko.
Its results for the six months to 23 September saw group revenue rise 10.4 per cent on the year prior to £2.55bn, driven by an increase in customer transactions.
“All four of our channels of growth are delivering strong results, underpinned by our relentless focus on low prices, cost control, simplicity in everything we do and disciplined profitable growth,” said chief executive Alex Russo.
He noted the company’s September agreement to acquire up to 51 ex-Wilko stores after the retailer collapsed.
B&M updated its long-term guidance to reach a total of a least 1,200 UK stores, up from a target of 950 in 2017.
Russo said that the guidance gave B&M “the runway to at least double our size in the UK in the medium term, while France also offers sizeable long-term potential”.
The firm expects to open at least 125 new stores in the UK over the next three years, boosting sales by up to 20 per cent.
B&M raised its EBITDA guidance to between £620m and £630m in 2024, compared to £573m in 2023.
“The group is trading against tough comparatives, making this a pleasing result against an uncertain and ever-changing economic background,” the company said.
