The UK’s largest variety goods value retailer, B&M, has reported a growth in revenue of 22.5% for the 13 weeks ended 26 December 2020.
The group announced that the £60.5m rise in total group revenues when compared to the same period last year has contributed to an expected adjusted EBITDA for the twelve months ended 27 March 2021 of between £540m and £570m.
A combination of low prices and “convenient” locations have been attributed as the reasons the company was able to open a net of 16 B&M UK and two Heron Foods stores in the period.
Simon Arora, chief executive at the firm, said: “With our combination of exceptional value and convenient out of town locations, we are confident that our business model will prove highly relevant to the needs of customers in 2021.”
Despite both B&M and Heron Foods, the group’s convenience store chain, announcing growth in revenues, the company’s French arm, Babou, saw a £1.3m fall in Q3 revenue.
In response, a further six Babou stores have been rebranded as B&M shops during the period, taking the total to 44 out of the 104 French stores.
Arora added that although the businesses acts as an “essential retailer”, with the latest lockdown restrictions there “remain uncertainties ahead”.