Discount high street retailer B&M has reported a strong start to the new financial year with revenue growth of 21.3%
The period from 1 April 2018 to 30 June 2018 showed a revenue increase £656.3m to £796.3m. The company also saw its UK revenue increase by 8.3%, including like-for-like growth of 1.6%.
The company attributed much of its performance to its garden and outdoor leisure ranges sold at its German company Jawoll, which it said was “very well received”. Its convenience store chain, Heron Foods, also performed and contributed £86.1m to the company’s overall revenue.
B&M also said that it planned to open at least 45 new stores in the UK this year, with most of them opening in the second half of 2018. As well as this, it said it expected open between 15 and 20 Heron Foods stores and 10 Jawoll stores in the financial year.
Chief executive Simon Arora said: “The business has performed strongly in the quarter despite demanding comparables of 7% LFL’s in the previous year and a sluggish market environment. Our competitively priced ranges for garden and outdoor leisure have been very well received and they are achieving great rates of sell-through.
“We have enjoyed record sales in these seasonal product categories, which is a testament to the appeal of our highly disruptive business model. I would like to thank all our colleagues for their hard work and success in delivering B&M’s best ever Q1 early summer trading season.”