B&M posts “strongest” first quarter in 3 years

123
B&M sales

Discount retailer B&M has seen sales soar over its first quarter as it continues its rapid international expansion process.

In the quarterly period ending June 24 in the UK and June 30 in Germany, like-for-like sales jumped 7.3 per cent compared to a year prior where sales were flat.

Total sales also shot up 18.3 per cent, and 17.2 per cent on a constant currency basis to £656.3 million.

READ MORE: B&M CEO’s salary doubles to £1.4m

The retailer opened nine new UK stores alongside four in Germany, where it trades as Jawoll and accounts for 10 per cent of overall revenues.

This brings B&M’s total to 543 stores, with aims for a total 950 UK stores in the near future.

“This quarter’s like-for like growth represents B&M’s strongest first quarter for three years,” chief executive Simon Arora said.

“In these uncertain times, and with inflation returning to the UK market, more and more shoppers are actively seeking out value in our stores and that means our business is strongly positioned to do well and continue its rapid growth.”

Click here to sign up to Retail Gazette’s free daily email newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here