B&M to press ahead with rapid expansion after rise in profits

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Discount retailer B&M has recorded a 15 per cent growth in half-year core earnings and confirmed it expected to meet expectations for the full year as it continued its rapid store opening programme.

The retailer said it was on schedule to open 69 new stores in its 2016/17 year – 50 in the UK and 19 in Germany, where it trades as Jawoll.

Around 20 new stores were opened in its first half in the UK alone, including its 500th store, while 10 opened in Germany in that same period.

B&M, which trades as B&M Bargains and B&M Homestore and is headquartered in Liverpool, made adjusted EBITDA £99.2 million in the six months to September 24, while group revenue grew 18.9 percent to £1.11 billion.

“We are mindful of the current economic uncertainties in the UK but given the strength of our retail model and with the full benefits now flowing from the step change investments we made last year… we are confident of meeting expectations during the remainder of this year,” chief executive Simon Arora said.

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