- B&M sells everything from food to stationery, furniture and gardening tools.
- The FTSE 100 company revealed that sales increased by around £500 million to £5.5 billion
B&M achieved record annual turnover last year thanks to store openings as consumers continued to turn to discount retailers amid cost of living pressures.
The FTSE 100 company, which sells everything from food to stationery, furniture and garden equipment, revealed sales rose by around £500m to £5.5bn in the year to March 30 .
UK revenue grew 8.5 percent to £4.4 billion, which B&M attributed to customers buying products in higher volumes, strong like-for-like trade and dozens of new outlet launches.
Good result: B&M revealed that annual sales increased between £500 million and £5.5 billion
It opened 47 new stores during the period, about half of them launched in the fourth quarter and many of them were former Wilko facilities.
B&M agreed to acquire 51 Wilko stores last September after the homewares chain fell into administration following years of huge losses and declining turnover.
The Liverpool-based group plans to open at least 90 stores in Britain over the next two financial years, part of a long-term goal of having at least 1,200 stores in the UK.
Outside the UK, B&M’s sales in France soared 19.2 per cent to £514 million, while its Heron Foods grocery business expanded 15.3 per cent to £560 million. sterling.
Consequently, the company’s total pre-tax profits rose 14.1 per cent to £498m, and its adjusted profits before the unpleasantness surpassed its ‘lockdown peak’ to reach £629m sterling.
Alex Russo, chief executive of B&M, said: “We have demonstrated strong volume-driven momentum in our business throughout our trading history, and that has continued, driving our profits ahead of both pandemic and pre-pandemic benchmarks. .
“Despite more challenging comparisons, with continued new store openings and a laser focus on low prices and premium retail standards, we remain confident in our prospects for cash generation and earnings growth.”
B&M’s annual results will be the last before its chairman, Peter Bamford, retires after six years with the company.
During his tenure, the group enjoyed a significant Covid-induced increase in sales because its outlets were allowed to remain open.
Although trading slowed as lockdown restrictions were lifted, it remained healthy as more Britons hunted for bargains amid worsening inflationary pressures largely caused by rising oil and gas prices.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said price rises are “clearly weighing on households and with borrowing costs still high, many buyers are on tight budgets and want to cut costs wherever they can”.
B&M European Value Retail Shares They were down 4.8 per cent to 520 pence on Wednesday morning, meaning they have fallen 14 per cent in the last six months.