B&M European Value Retail could double its estate to almost 900 stores after it announced flourishing sales and profits this morning.
Following its IPO last year, the discount chain, which chaired by former Tesco boss Sir Terry Leahy, increased total full year revenue by almost 30% to £1.65bn, underlining the group’s swift expansion.
The company cites its growth as a result of “constantly changing range with seasonal options” and it said it is now an established part of many people’s regular shopping habits.
Last year the business acquired Jawoll, a German low-cost retailer, adding 49 general merchandise discount stores with a similar market positioning to B&M’s.
B&M said in today’s update: “We believe our total store base in the UK can be doubled in size during the years ahead and we continue to see a good flow of attractive new site opportunities, including a steady stream of suitable stores coming from the larger-spaced retailers as they downsize their portfolios in response to shifts in consumer demand in their markets.”
Leahy added: “It is pleasing to report to shareholders that in B&M’s first year as a public company it has delivered strong increases in sales, profits and cash generation whilst pushing on with rapid store rollout and investing in new infrastructure to support continued growth.”