Discount retailer B&M has reported a 13.5% rise in quarterly revenue after seeing “strong, profitable trading momentum” across all three of its business units as shoppers continued to seek out bargains during the cost of living crisis.
In its core B&M chain in the UK, revenues climbed 13.5% to £1.32bn during the first quarter period to 24 June. Like-for-like sales rose a healthy 9.2%, with both the grocery and general merchandise categories performing “very well” as transaction numbers rose. B&M noted that general merchandise sales participation and sell-through had been “excellent”.
Revenues in its supermarket unit Heron Foods jumped 19.4% to £135m, whilst the B&M business in France saw a 29.1% rise to £117m.
“Our strong trading momentum demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail standards,” said B&M’s CEO Alex Russo.
“The business is well positioned as we start to transition to our autumn winter season. We will continue to work hard to help all our customers manage the cost-of-living crisis.”
In May, B&M posted robust annual results and said it expected core earnings for its 2023/24 financial year to be higher than the £573m of adjusted EBITDA it made last year.
NAM Implications:
- A retailer made for the Lockdown fallout era…
- Key to compare your B&M business with these stats in their Q1 to 24 June.
- Then get ready to explain any differences…
