// B&M raises half-year profit guidance after sales rise
// It expects to post an adjusted EBITDA of £285 million for the six months to September 26
// Group revenues rose by 25.3% for the six months to September 26
B&M has recorded a “strong” growth in sales and raised its half-year profit guidance as a result.
The discount retailer expects to post an adjusted EBITDA of £285 million for the six months to September 26, ditching its previous range of £250 million to £270 million.
Meanwhile, group revenues rose by 25.3 per cent during the period, with its UK stores recording a revenue growth of 29.5 per cent.
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On a like-for-like basis, UK sales increased by 23 per cent.
Moreover, B&M increased guidance on new store openings for the financial year after experiencing a “pick up” in leasing activity.
It now expects to open between 40 and 45 stores in the UK, most of which are likely to launch during its fourth quarter.
“Our group has performed well in the first half. Our business model is proving well-attuned to the evolving needs of customers, given our combination of everyday value across a broad range of product categories being sold at convenient out-of-town locations,” B&M chief executive Simon Arora said.
“Our people have risen to the many challenges posed by the Covid-19 crisis, not least in serving our customers through a period of high demand, keeping our shelves filled, providing a clean and safe shopping environment, as well as sourcing higher volumes than we had planned. I thank them all for their commitment, hard work and resilience.”
B&M will publish its interim results on November 12.