Value Retailer B&M Sees Revenues Up 16.0% In Third Quarter
British value retailer B&M has reported a 16.0% increase in group revenues at constant currency levels, to £1.56 billion., in the third quarter of its financial year.
UK revenues rose by 7.1%, with like-for-like revenues rising by 0.9% in the period. Its German operation, Jawoli, saw revenue grow by 4.1%.
Profit before tax rose by 32.5% in the period, to £115 million, the company said.
During the period, B&M opened 22 new stores, of which five stores were relocations. The group said that it was ‘on track’ to open at least 58 new stores by the end of the financial year.
Jawoli opened two new stores in the period, while its Heron Foods operation opened nine new stores.
“B&M has delivered a good first half performance,” commented Simon Arora, chief executive. “The core B&M fascia stores made good progress and we have made a solid start in the second half of the financial year.”
Aurora added that he was “delighted” that with the recent purchase of Babou in France, B&M is now “positioned to expand B&M’s disruptive, value-led model in Europe’s three largest consumer markets.
“With the core B&M UK business having had a record half year performance, we are well placed to prosper in a difficult and uncertain retail environment.”
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.