B&M hails strong start to year
B&M has seen its group revenue increase by 3.1% on a constant currency basis in its first quarter despite volatile trading patterns in the period.
In the 13 weeks to 26 June, its core B&M UK fascia delivered two-year like-for-like sales growth of 21.3% compared to pre-Covid pandemic levels in 2019. On a one-year basis, like-for-like revenues were down 4.4%.
B&M said trading was volatile throughout the period with a pull-forward in gardening product demand boosting like-for-like sales in the final two weeks of the previous financial year and early weeks of the new one while also depressing the subsequent weeks.
In France, where B&M operates the Babou chain, revenues increased by 26.9%
Meanwhile, the company UK’s Heron Foods chain delivered what B&M described as a satisfactory performance against very strong comparatives seen in the first quarter of the prior year.
Simon Arora, B&M chief executive, said: “The group has made a strong start to the new financial year and sales remain significantly above pre-pandemic levels. As expected, trading throughout the first quarter was volatile as we annualised against the high comparatives from last year.
“Although there remains much uncertainty as to how consumer spending evolves over the coming months, we remain optimistic that our combination of exceptional value across a wide range of product categories and our convenient Out of Town locations will continue to resonate with customers.”
Looking ahead, B&M said it is on track with its plans for the year and expects its two-year like-for-like sales in its core B&M UK business to remain strong.
