B&M Gets Christmas Sales Boost From New Stores
UK discount retailer B&M has reported revenue growth of 22.7% in the third quarter of its financial year, with strong sales during the Christmas period.
Sales across B&M stores increased by 12.9% to £837.3 million during the 13-week period, with like-for-like sales up by 3.9%.
The retailer says that this results reflects its continued store opening programme, as well as growth in the grocery and FMCG segment.
Meanwhile, the Heron convenience store estate, which B&M acquired in August, contributed revenues of £79.8 million in the quarter, with strong like-for-like growth.
The company's German business, Jawoll, also saw revenue increase, with growth of 10.4% in sterling terms.
“B&M continues to go from strength to strength," said the group's chief executive Simon Arora.
"Despite the demanding comparatives from the very strong Christmas in 2016, our buying, supply chain and retail teams achieved another outstanding performance this year by doing what we do best, which is delivering great value for customers week-in, week-out."
B&M operates 569 stores across the UK, having opened 19 in the most recent quarter, as well as 236 Heron outlets, and 84 Jawoll stores in Germany.
Overall, UK grocers have performed well this Christmas, in part due to rising food prices, according to the British Retail Consortium. However, the discounters have come out on top, with Aldi, Lidl, and B&M posting record sales growth.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.