// B&M upped its adjusted EBITDA range for the full year after “a very strong golden quarter”
// Adjusted EBITDA for full-year 2022 is now expected to come in at £605m to £625m
// Revenue in the year to date rose by 0.9% to £3.66bn
B&M has raised its adjusted EBITDA range for the full year off the back of what boss Simon Arora called “a very strong golden quarter”.
The group’s UK like-for-like fascia revenue was down by 6.2% in the third quarter compared with last year, but grew by 14% compared with two years ago.
Adjusted EBITDA for full-year 2022 is now expected to come in at £605 million to £625 million, ahead of the current analysts’ consensus estimate of £578 million.
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The company reported group revenue of £1.39 billion for the 13-week period from 26 September to 25 December 2021, up 0.1% year-on-year on a constant currency basis.
Revenue in the year to date rose by 0.9% to £3.66 billion.
The group’s UK like-for-like fascia revenue was down by 6.2% in the third quarter compared with last year, but grew by 14% compared with two years ago, before the pandemic struck.
“The group has delivered a very strong Golden Quarter, with our two-year like-for-like performance demonstrating strong retention of new customers,” Arora said.
“Our decision to take receipt of imported Christmas stock early in the season meant we were able to provide customers with great products at great prices.
“The consistency of performance in the core B&M UK business reflects the growing appeal of our stores as a destination visit for seasonal products, as well as the strength of our supply chain.
“Despite ongoing supply chain disruption, inflationary pressures and uncertainty surrounding possible Covid-related restrictions, we remain confident in B&M’s prospects for 2022.”
B&M opened nine new stores in the UK in the third quarter and closed two. It had 693 UK stores at the end of the third quarter and expects to open a further 13 stores before the FY22 year-end.
The retailer said its staff will receive an extra week’s wages in January as a reward for “their considerable efforts this year”.
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