B&M Christmas sales “slower performance than anticipated”

B&M trading update Simon Arora christmas
B&M opened 15 new stores during the period
// B&M UK revenue up 8.8% in the 13 weeks to December 28
// UK like-for-like sales grew 2.3% during the financial year to date

B&M has recorded “a slower performance than anticipated” despite an uplift in Christmas sales.

Over the 13 week period to December 28 group revenue at the discount retailer grew by 9.3 per cent.

Revenue across UK stores grew by 8.8 per cent including like-for-like growth of 0.3 per cent for the quarter, against the backdrop of a “challenging broader retail market” and “the decision not to engage in early discounting”.

READ MORE: B&M profits down 70% as German arm “disappoints”

B&M UK also saw a 2.3 per cent like-for-like sales growth during the financial year to date.

“Against the backdrop of a difficult UK retail environment with reduced shopper footfall and political uncertainty, our core B&M UK business generated continued growth and delivered a record level of peak season sales,” chief executive Simon Arora said.

“Overall the business delivered a good quarter operationally. Costs were well controlled and, combined with our usual strong focus on cash gross margins, yielded a profitable outcome. We were also able to exit the period with normal seasonal inventory levels.”

B&M opened 15 new stores during the period.

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