B&M well positioned for the Golden Quarter
B&M has said it is well positioned for the Golden Quarter as it reported that its group revenue increased by 3.7% to £2.64 billion in the six months to 28 September.
Total sales at B&M UK improved across the half year with a 6% uplift in the second quarter compared to 1.5% growth in the first.
B&M France and Heron Foods also delivered growth in the period with respective revenue increases of 6.8% and 1.1%.
Meanwhile, group adjusted EBITDA edged up 2% to £274 million.
However, group adjusted operating profit fell by 1.8% to £258 million as B&M faced higher costs following an increase in stores and investment in its supply chain in France.
During the half year, B&M opened 39 new stores across the group including 30 at B&M UK, five in France and four at Heron Foods.
B&M said it is confident in its outlook for its second half and full year and anticipates that its full-year group adjusted EBITDA will be in the range of £620 million to £660 million.
Alex Russo, B&M chief executive, said: “The business is well positioned for the Golden Quarter with its continued focus on price, product and standards. While the consumer environment remains uncertain, the group has demonstrated it executes well in all trading environments.
“Our long-term ambition for the group remains unchanged, in supporting customers with exceptional value. As we trade through the Golden Quarter, we are encouraged by recent volume momentum and remain focussed on delivering profitable, cash-generating growth for all of our shareholders.”
