Discount retailer B&M has revealed a sharp rise in third quarter sales, boosted by record Christmas trading.
In the 13 weeks to December 23, total sales increased by 22.7 per cent on a constant currency basis. On an actual currency basis, total sales climbed by 22.9 per cent to £969.8 million.
In its UK market, sales shot up by 12.9 per cent to £837.3 million with like-for-like sales up by 3.9 per cent.
B&M said the strong like-for-like performance was driven by the “robust” performance of its grocery and FMCG ranges, improvements to store standards and its “value” offer.
At the end of the quarter, B&M was trading from 569 eponymous stores and 263 Heron stores.
It said its Heron fascia contributed £79.8 million of revenues in the period.
B&M also operates 84 stores in Germany under the Jawoll fascia, where sales rose by 8.2 per cent on a euro basis in the period which equated to an increase of 10.4 per cent in sterling to £52.7 million.
“B&M continues to go from strength to strength,” B&M chief executive Simon Arora said.
“Despite the demanding comparatives from the very strong Christmas in 2016, our buying, supply chain and retail teams achieved another outstanding performance this year by doing what we do best, which is delivering great value for customers week-in, week-out.
“With Heron also performing well and Jawoll having a solid quarter, I’m delighted with our progress.”
B&M said it was confident it would meet market expectations for earnings in the year to March.
Last year the company, which mainly sells general merchandise, spent £152 million to take over Heron Food Group.
B&M wants to expand the 250-plus convenience store chain, predominantly found in the north of England, through the addition of between 10 and 20 new sites per year.