B&M raises guidance following ‘strong’ H1
B&M has welcomed “strong” revenue growth in its first-half of trading, reporting group revenue growth of 25.3% in the period ended 26 September 2020.
In its latest first-half trading update, the group said B&M UK stores generated revenue growth of 29.5%, including like-for-like growth of 23%.
Trading momentum at B&M UK stores was also maintained in the second quarter, according to the retailer, with 19.1% like-for-like growth in the quarter and an exit rate at a similar level.
In light of this, it now expects adjusted EBITDA to be above the previously guided range of between £250m and £270m, at around £285m.
In addition, the group has also upgraded its guidance on new store openings this financial year due to a “pick up” in leasing activity. It now expects between 40 to 45 B&M UK gross openings, most of which are scheduled to open in the fourth quarter.
Simon Arora, CEO, said: “Our group has performed well in the first half. Our business model is proving well-attuned to the evolving needs of customers, given our combination of everyday value across a broad range of product categories being sold at convenient out-of-town locations.
“Our people have risen to the many challenges posed by the Covid-19 crisis, not least in serving our customers through a period of high demand, keeping our shelves filled, providing a clean and safe shopping environment, as well as sourcing higher volumes than we had planned. I thank them all for their commitment, hard work and resilience.”
