B&M defies high street gloom with sales & like-for-like growth

// B&M group revenue grows 21.4% in first quarter
// UK revenue growth of 13.8%, including like-for-like growth of 3.9%
// 12 new B&M UK fascia stores opened in the quarter and one relocated.

B&M has revealed it has defied the challenges plaguing the UK retail industry after posting an uptick in sales and like-for-like growth for its first quarter.

For the 13-week period ending June 29, revenues at the retail group surged 21.4 per cent, hitting £967.7 million.

This was boosted by sales in its eponymous B&M fascia, which grew 13.8 per cent thanks to the opening of 12 new stores.

Like-for-like sales in the UK also went up by 3.9 per cent, keeping the group on track with its plans for the 2019-20 year as a whole.

While the company’s convenience store chain Heron Foods also performed well, but growth at its German fascia Jawoll slowed down to a growth of 1.9 per cent due to warehouse problems.

B&M said it was on on track to open 45 stores and relocate a further five.

The firm also expects to open between 15 and 20 Heron Foods stores in the financial year, after sales during the period rose 8.1 per cent to £93.1 million, with a “solid” like-for-like sales growth.

B&M’s French business, Babou, generated £72.6 million of revenue in the quarter, although bosses said this was despite heavy discounting to shift extra stock as the division switches to products sourced via B&M’s supply chain.

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