B&M has posted a 25 per cent growth in pre-tax profit for the year as chief executive Simon Arora commended the retailer’s “disruptive model” for standing out as a success story.
In its preliminary results announcement today, B&M said sales were up 22 per cent to £2.97 billion in the 53 weeks to March 31, with like-for-like revenue growth up 4.7 per cent for the year.
Group profit before tax increased by 25.4 per cent to £229.3 million during that time.
Across the financial year, B&M opened 43 new stores and revealed plans to launch a further 45 for the current financial year.
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The business added that a new one million square foot distribution centre in Bedford was currently under construction.
By spring 2020, B&M will use its new warehouse as a base to support UK expansion “for the foreseeable future”.
Speaking in light of the full year report, Arora said: “B&M has delivered another set of strong results by doing what we do best, which is providing great value week-in, week-out on the things customers buy regularly for their homes and families.”
He added that “the B&M model is highly relevant for the current difficult economic environment, with its strong position in the value and convenience areas of retailing where physical stores are winning.
“The business is well placed for continued profitable, long-term growth. In a retail
sector beset by structural challenges B&M’s unique, disruptive model stands out as a
success story.”
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