B&M posts first quarter revenue uplift
B&M has posted a 2.4% increase in first quarter revenue to £1.34 billion after trade was boosted by a “disciplined” store opening programme across its three businesses.
In the three months to 29 June, revenue at B&M in the UK rose by 1.5% to £1.08 billion while revenue at B&M France climbed by 7.5% to £126 million. Revenue at the company’s Heron Foods business was also up, rising by 2.7% to £139 million.
However, like-for like sales at B&M UK were down 3.5% in the period due to “exceptionally strong comparatives” in the same quarter a year ago and this year’s cooler and wetter weather in April and May.
B&M has recently launched its Everyday Value range with more than 500 new lines across the categories of home, electrical and pet in the UK and France. It also opened 19 gross new stores in the UK in the first quarter and expects to launch 45 in the full year.
Alex Russo, B&M chief executive, said: “The growth fundamentals of our business are strong, with a highly disciplined approach on pricing, product and high operational standards. We continue to offer our customers exceptional value at a time when household incomes are under pressure.
“As we transition towards Autumn/Winter in the months ahead, our relentless focus on Everyday Low Price and Everyday Low Cost will ensure we continue to serve our customers well.”
