Discount retailer B&M has reported a 25.8% group revenue increase to £930.3m in the first half of its financial year in addition to an 18.6% rise in core earnings.
Sales at stores open over a year rose 1.2%. The retailer, chaired by former Tesco Boss Terry Leahy, opened 47 new stores in the period and said that it is on track to open 80 new sites in the current financial year. B&M‘s German business Jawoll also opened two new stores.
The home and DIY chain continued its expansion in the half year with the opening of two new UK distribution centres which cover 800,000sq ft.
“B&M has made good progress in the first half of the financial year towards its strategic goals of reaching at least 850 UK stores and creating a platform for longer term growth in Germany, whilst delivering further pleasing growth in sales, profits and cash generation. We are well prepared for the rest of the year and beyond” said Sir Terry Leahy, B&M Chairman.
“We are well prepared for the rest of the year and beyond,” Leahy added.
“The investment made in our supply chain infrastructure and in other core functions will support the next stage of our expansion. Our colleagues have worked incredibly hard over the period and I am very proud of their continued achievements” Simon Arora, B&M Chief Executive said.
Its recent financial results have left the Lancashire-based retailer confident about its future prospects and expansion plans in the UK.