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Discount goods retailer B&M has revealed it is planning on opening another 50 stores this year amid posting an uptick in both sales and profits.
For the full-year period ending 30 March B&m said profit before tax increased by 9% to £249.9m and revenues surged 17% to £3.5bn.B&M’s UK stores saw revenue growth of 8.7%, including Like-for-Like growth of 0.7%.
The company said 44 net new B&M UK stores opened in the period with “at least” a further 50 gross new stores planned for this financial year, benefiting from “plentiful availability of attractive new store opportunities”.
B&M added its new 1m sq ft distribution centre is under construction in Bedford which will support all UK store expansion needs for the “foreseeable future”, and is on schedule for January 2020 commissioning.
Simon Arora, chief executive, said: “B&M has again delivered strong results against the challenging backdrop of continued structural change in our industry, rising costs and uncertain times for consumers, demonstrating that its value credentials remain as resonant as ever with customers, whether they need a bargain or just enjoy one.
“We have made important progress in establishing platforms for further long term expansion in both Germany and France although there is much work to be done to implement the disruptive, value-led B&M model in these large new markets.”
He added: “We enter the new financial year with renewed trading momentum particularly in the UK, a high quality new store expansion programme in place, and investing in our new infrastructure to support future growth. I’m confident B&M is well-positioned to deliver further strong progress in the current year and beyond.”
B&M added it has had a “pleasing start” to Q1 with mid-single digit like-for-like in B&M UK stores.
