B&M revenues rise 2.4% in Q1 as new stores overperform
During the period, B&M made ‘strong and profitable’ progress on its UK store openings, with 19 total openings for the quarter
Value retailer B&M has reported that group revenues rose 2.4% during the first quarter to 29 June, due to its “disciplined” store opening programme across its three businesses – home, electrical and pet.
During the period, B&M made “strong and profitable” progress on its UK store openings, with 19 total openings for the quarter. The group is on track to hit 45 store openings for FY25.
Meanwhile, all stores opened since last year are performing ahead of expectations.
Despite having been impacted by the timing of Easter this year and the unseasonal weather in April and May, B&M still registered UK like-for-like sales of 3.5% during the quarter. This was against “exceptionally” strong comparatives of 9.2% in the same period last year.
The group also maintains that it is well-positioned as it transitions from the Spring/Summer season, having planned its seasonal stock buy well – particularly in the Gardening category – and has delivered high sell-through in the quarter with no markdown risk.
As a result, B&M continues to expect profitable cash generating growth across the full financial year, underpinned by its strong fundamentals and normalising comparatives.
Alex Russo, chief executive of B&M, said: “The growth fundamentals of our business are strong, with a highly disciplined approach on pricing, product and high operational standards.
“We continue to offer our customers exceptional value at a time when household incomes are under pressure. Ahead of Q2, we have launched our Everyday Value range with more than 500 new lines in core categories across home, electrical and pet in the UK and France.”
He added: “As we transition towards Autumn/Winter in the months ahead, our relentless focus on Everyday Low Price and Everyday Low Cost will ensure we continue to serve our customers well.”
