B&M has brushed aside Brexit fears posting skyrocketing full year profits as it boosts its expansion plans.
In the year to March 25 the budget retailer saw an 18 per cent rise in pre-tax profits to £182.9 million, and a 19 per cent rise in revenues to £2.4 billion. Like-for-likes also rose 3.1 per cent.
The stellar results, sparked by a decline in household budgets pushing shoppers towards the discount sector, has fuelled the retailers already ambitious expansion plans.
B&M plans to nearly double its 537 stores to 950, up from its previous 850 target, creating and extra 5000 jobs in the UK.
40 to 50 stores are already planned over the next 12 months opening at the staggering rate of one per week.
READ MORE: B&M to press ahead with rapid expansion after rise in profits
“For many commentators, the current economic uncertainty is generating concern about UK consumers and the impact on the retail sector,” chief executive Simon Arora said.
“At B&M we know we are at our best when household budgets are under pressure and consumers are looking even harder at making savings.
“In an environment of rising prices, we think that consumers become even more receptive to discount propositions such as ours.
“We are therefore confident that the business is well-positioned to deliver further growth in the year ahead, even in an uncertain political environment or challenging economy.”
B&M’s chairman and former Tesco boss Sir Terry Leahy added: “There was a robust return of trading momentum during the second half which has continued into the early weeks of the new financial year, affirming that B&M’s offer resonates well with customers during a period of economic uncertainty and profound structural change in retailing.”
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