B&M has announced a double-digit increase in both group revenues and profit before tax in the 26 week period ending 29 September.
The discount retailer saw group revenue jump 16% to £1.56bn during the period as profit before tax increased by 32.5% up to £115m compared with the £86.6m recorded a year earlier.
UK revenues were up 7.1% and B&M said the business is “well placed for the ‘golden quarter’ trading” in Q4. Group adjusted EBITDA also increased by 13.5% to £131.8m (FY18: £116.1m).
During the period 22 new B&M UK stores opened of which five were relocations and B&M confirmed it is on track to open at least 58 gross new stores this financial year.
Its German business, Jawoll, opened two new stores in the period, and is on track to open 10 new stores this financial year. Jawoll’s revenue growth was 4.1% as it totalled £111.2m.
Heron Foods, which trades from 269 stores in the UK, posted a 268% revenue rise to £175m. Heron Foods opened nine gross new stores, and is on track to open at least 20 gross new stores this financial year.
Simon Arora, chief executive, said: “B&M has delivered a good first half performance. The core B&M fascia stores made good progress and we have made a solid start in the second half of the financial year.
“Heron Foods has grown strongly in the UK, and in Jawoll the new management team is now utilising the B&M supply chain, with clear early signs that customers are responding positively to the new products.”
He added: “I’m delighted that having completed our recent purchase of Babou in France, we are now positioned to expand B&M’s disruptive, value-led model in Europe’s three largest consumer markets. With the core B&M UK business having had a record half year performance, we are well placed to prosper in a difficult and uncertain retail environment.”