Variety goods value retailer B&M has announced that total group revenues increased 3.1% year-on-year to £1.19bn for Q1 FY22.
While one-year like-for-like (LFL) revenues fell 4.4% for the 13 weeks ended 26 June 2021, two-year LFL revenues spiked 21.3% at the firm.
B&M UK comprised the largest proportion of group revenues at £1.02bn, with the group’s French arm Babou growing 26.9% year-on-year to £68.5m.
Revenues at Heron Foods fell 10% year-on-year to £101.7m, however the group called this a “satisfactory performance against the very strong comparatives of Q1 FY21”.
From Q1 FY21 to Q1 FY22, B&M widened its group portfolio of stores from 1,053 to 1,097, with a net seven of these coming in the most recent quarter.
Simon Arora, chief executive at the group, said: “The group has made a strong start to the new financial year and sales remain significantly above pre pandemic levels. As expected, trading throughout the first quarter was volatile as we annualised against the high comparatives from last year.
“Although there remains much uncertainty as to how consumer spending evolves over the coming months, we remain optimistic that our combination of exceptional value across a wide range of product categories and our convenient out of town locations will continue to resonate with customers.”