Value Retailer B&M's Posts Quarterly Sales Rise
UK-based discount retailer B&M European Value Retail SA said sales rose 12.1% in the third quarter following robust demand in December.
The business said that the positive momentum in December continued into early January and that it was on track for higher sales and earnings this financial year and the next.
B&M's UK business posted a like-for-like revenue decline for the quarter of 1.6%, against a strong prior year comparable of +3.9%, the company said.
Total group revenues for the period were £1.087 billion, up from £969.8 million for the same period last year.
'A Record Year'
“Despite the broader economic uncertainty over the last quarter, B&M is on track to deliver a record year for both sales and earnings, representing our fourteenth consecutive year of profit growth," commented Simon Arora, chief executive.
"The business’ ability to manage profitability through uncertain trading conditions is testament to the resilience of the business model and the strong operational controls we have in place. We continue to open new stores and win market share when other retailers are retrenching."