B&M “on track” to open 76 new stores in 2024
The parent group of B&M has said it is “on track” to open 76 gross new stores in the 2024 financial year. This includes 45 B&M stores in the UK and 20 Heron Foods openings.
This comes as the variety goods retailer releases a trading update for the third quarter of the 2023 financial year. During the period – which comprised the 13 weeks between 24 September and 23 December 2023 – B&M’s UK division recorded revenue of £1.35bn, a year-on-year increase of 3.7%.
In the year-to-date, B&M UK has seen revenue of £3.4bn, up 6.3% against the same period the previous year.
During the 14 weeks to 30 December, B&M UK like-for-like revenue growth was 1.2%. The retailer said this was a strong quarter given prior year comparatives, with performance driven by positive transaction numbers.
Alex Russo, chief executive, said: “The performance across the Golden Quarter has been pleasing, with strong operational execution across the three businesses. Our strategy remains unchanged – we are an everyday low-price discounter with a laser-focus in keeping excellence in retail standards and our costs the lowest. This allows us to provide our products at the best price to all customers – many of whom continue to face significant cost-of-living pressures.”
He added: “Our store pipeline is strong and we will open not less than 45 B&M UK stores in each of the next two financial years, driving disciplined cash generating growth.”
In November, B&M increased its long-term store target to 1,200, after upping its earning guidance for the 2024 financial year.