Discount retailer B&M has seen pre tax profit rise by 25.4% to to £229.3m along with group revenues rising to 22.4% for the year ending 31 March.
The group opened 47 new stores last year and plans to open a further 45 this year as it continues to grow. The recent acquisition of convenience store chain Heron Foods also helped with the boost in revenue.
B&M CEO Simon Arora, said: “The B&M model is highly relevant for the current difficult economic environment, with its strong position in the value and convenience areas of retailing where physical stores are winning.
“The business is well placed for continued profitable, long-term growth. In a retail sector beset by structural challenges B&M’s unique, disruptive model stands out as a success story.”
Analysts believe the increase in profits and revenue are down to consumers choosing budget stores as purse strings tighten.