B&M has reported strong first-quarter results, maintaining its post-pandemic momentum.
Revenues at the discount retailer, which also owns Heron Foods, increased by 2.4% to £1.3bn in the first quarter.
The group is on track to open 45 new stores this year, with all stores opened since 2023 performing “ahead of expectations.”
B&M opened 19 new stores in the first quarter, including two in France, and plans to open 11 more in the country.
Like-for-like sales dropped by 3.5% over the quarter, which the company attributed to “exceptionally strong comparatives” in 2023 and “unseasonal weather” this spring.
“Our growth fundamentals are strong, with a disciplined approach to pricing, product, and operational standards,” said CEO Alex Russo. “We continue to offer exceptional value as household incomes are pressured. Ahead of Q2, we’ve launched our Everyday Value range with over 500 new lines in core categories across home, electrical, and pet in the UK and France.”
As B&M transitions to autumn/winter, it will maintain its focus on Everyday Low Price and Everyday Low Cost to serve customers well.
At the end of the last financial year, the group reported revenue of £5.5bn, up 9.8% from the previous year and 83.9% from 2020.
B&M’s profits have risen as cost-conscious Brits turn to more affordable products amid the post-pandemic cost-of-living crisis.
However, shares have dropped over 20% year-to-date. Analysts earlier this year expressed concerns about the company’s reliance on ‘total volume growth’ for its 2023 profits.
Wayne Brown, analyst at Panmure Liberum, stated: “B&M’s model is driven by market share gains from its ‘cookie-cutter’ store roll-out and value-focused offer. The current valuation is very low, and we remain strong buyers.”
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B&M has reported strong first-quarter results, maintaining its post-pandemic momentum.
Revenues at the discount retailer, which also owns Heron Foods, increased by 2.4% to £1.3bn in the first quarter.
The group is on track to open 45 new stores this year, with all stores opened since 2023 performing “ahead of expectations.”
B&M opened 19 new stores in the first quarter, including two in France, and plans to open 11 more in the country.
Like-for-like sales dropped by 3.5% over the quarter, which the company attributed to “exceptionally strong comparatives” in 2023 and “unseasonal weather” this spring.
“Our growth fundamentals are strong, with a disciplined approach to pricing, product, and operational standards,” said CEO Alex Russo. “We continue to offer exceptional value as household incomes are pressured. Ahead of Q2, we’ve launched our Everyday Value range with over 500 new lines in core categories across home, electrical, and pet in the UK and France.”
As B&M transitions to autumn/winter, it will maintain its focus on Everyday Low Price and Everyday Low Cost to serve customers well.
At the end of the last financial year, the group reported revenue of £5.5bn, up 9.8% from the previous year and 83.9% from 2020.
B&M’s profits have risen as cost-conscious Brits turn to more affordable products amid the post-pandemic cost-of-living crisis.
However, shares have dropped over 20% year-to-date. Analysts earlier this year expressed concerns about the company’s reliance on ‘total volume growth’ for its 2023 profits.
Wayne Brown, analyst at Panmure Liberum, stated: “B&M’s model is driven by market share gains from its ‘cookie-cutter’ store roll-out and value-focused offer. The current valuation is very low, and we remain strong buyers.”