B&M hails “strong” trading momentum
B&M has reported “strong, profitable trading momentum” as it sees an increase in revenue across the first quarter of its 2024 financial year.
In the 13 week period between 26 March 2023 to 24 June 2024, B&M’s total group revenue, which includes its UK and France divisions as well as Heron Foods, increased 13.5% compared to the previous year.
This increase saw group revenues reach £1.32bn, up from £1.16bn in the 2023 financial year.
The value retailer said its UK store division had enjoyed a like-for-like sales increase of 9.2% in the first quarter, with both grocery and general merchandising categories performing very well due to strong and positive like-for-like transaction numbers.
It added that UK general merchandise sales participation and sell-through had been “excellent”.
Alex Russo, B&M chief executive, said: “Our strong trading momentum demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail standards. The business is well positioned as we start to transition to our Autumn/Winter season. We will continue to work hard to help all our customers manage the cost-of-living crisis.”
The retailer said its Interim results for the 26 weeks ending 23 September 2023 will be published on 9 November.