B&M delivers best first quarter in years with revenue up 18%
B&M, the UK’s leading multi-price value retailer, reported on Thursday strong first quarter results, with revenue jumping 18.3% on the back of strong like-for-like sales in the UK, favourable seasonal weather and Easter falling later in the year.
Group revenue was up 18.3% to £656.3m on an actual currency basis, or 17.2% at constant currency rates.
Like-for-like sales increased by 7.3% in the UK, representing an acceleration from the 2.9% comparable sales growth it reported in the fourth quarter of the previous year.
B&M said it benefited from the timing of Easter trading, which fell in the first quarter this year and added approximately 1% to the headline like-for-like total. Weather also played a part, driving sales in seasonal categories, particularly garden and outdoor living.
The performance was also boosted by an ambitious store opening programme. B&M opened 9 new stores in the UK during the three-month period, and 4 in Germany. And there are more openings planned for the current year, in fact the retailer aims to open between 40 and 50 new stores over the year.
"This quarter's like-for like growth represents B&M's strongest first quarter for 3 years. It's driven by customers, wherever they live throughout the regions, becoming ever more receptive to the outstanding value delivered by B&M's unique business model in relation to the things they buy regularly for their homes and families. In these uncertain times, and with inflation returning to the UK market, more and more shoppers are actively seeking out value in our stores and that means our business is strongly positioned to do well and continue its rapid growth," said the company’s chief executive Simon Arora.
The good performance has continued into the second quarter, with the retailer saying it is “on course to achieve market consensus profit expectations for the full year.”
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