B&M on-track with accelerated store opening programme
B&M is on track with its accelerated store opening programme, having opened 47 stores in the last financial year.
The variety retailer – which currently has an estate of 741 stores – is targeting at least 45 new store openings per annum over a three year period.
B&M previously increased its long-term target to operate no less than 1,200 UK stores, up from its previous guidance of 950.
Over the course of the financial year, which ended on 30 March, the retailer’s new openings were bolstered by its acquisition of 51 stores from Wilko. B&M said it moved rapidly as it selected the stores it wanted and renegotiated leases, and is now opening these stores at speed.
Of the 25 B&M stores opened in the fourth quarter of the last financial year, 21 were former Wilko stores, which B&M said are delivering strong sales densities.
The retailer said it expects to open between 15 and 20 B&M stores in the UK during the first quarter of the 2025 financial year, many of which will be former Wilko branches.
This comes as B&M releases its results for the 2024 financial year, a period during which it recorded a 10.1% year-on-year increase in group revenue to £5.48bn.
In the UK, B&M saw a year-on-year increase in like-for-like revenue of 3.7% to £4.84m, whilst statutory pre-tax profit for the year was £548m, up from £498m.
Alex Russo, B&M chief executive, said: “We have demonstrated strong volume-led momentum in our business throughout our trading history and that has continued, driving our profits ahead of both pandemic and pre-pandemic benchmarks. Despite the more challenging comparatives, with continued new store openings, and a laser focus on low prices and best in class retail standards, we remain confident in our outlook for cash generation and profit growth.”