B&M on “steady recovery” as it smashes £1bn in revenue

B&M trading update Simon Arora
B&M said it had seen a steady recovery in the like-for-like customer count over the quarter
// B&M records”strong” first quarter particularly in its UK business
// Group revenue rose 27.7% to £1.15 billion
// Revenue at the UK business was 33.7% higher than a year ago

B&M has posted a “strong” first quarter, with its UK business trading ahead of expectations.

In the period from March 29 to June 27, the discount retailer saw group revenue rise by 27.7 per cent to £1.15 billion.

Revenue at the UK business was 33.7 per cent higher, with a like-for-like growth of 26.9 per cent, up from 3.9 per cent in the corresponding period a year ago.

READ MORE: B&M posts “strong” full-year revenues despite Covid-19

B&M said it had seen a “steady recovery” in the like-for-like customer count over the quarter after the initial decline during the Covid-19 lockdown, alongside “significantly increased” average transaction value versus the prior year.

The company said its UK business has 656 stores trading, versus 632 trading at the end of the first quarter of last year, with no new stores opened in the quarter due to the impact of the pandemic.

Meanwhile, at its French business, Babou, revenue fell to £54 million from £72.6 million.

“The group has made a strong start to the financial year, with a particularly strong performance in our UK businesses, and progress now resumed in France after an eight-week closure period,” B&M chief executive Simon Arora said.

“However, as outlined at our preliminary results for the last financial year announced on June 11 2020, there are a great deal of uncertainties ahead,” he said.

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