B&M expects profits to hit top end as revenues jump 10%
It also benefited from the extra week of trading and early Easter timing, which will not be repeated in FY25
B&M has forecast its full-year profits to hit the top end of its previous guidance after it revealed a 10% rise in revenues to £5.5bn for the 53 week financial reporting period to 30 March 2024.
The group now expects its FY24 group adjusted EBITDA (pre-IFRS 16) to be £629m, at the top end of its £620m-£630m guidance range.
It stated that the positive revenue growth was underpinned by volume growth and positive like-for-like performance.
It also benefited from the extra week of trading and early Easter timing, which will not be repeated in FY25.
Additionally, in the 14 week period to 30 March 2024 B&M UK Q4 like-for-like sales increased 2.9%. This was driven by strong volume performance across both FMCG and general merchandise.
FY24 B&M UK LFL also saw an increase of 3.7%, driven by increased customer transaction numbers.
The retailer opened 47 B&M UK gross new stores, two ahead of previous guidance.
It stated that the openings are trading well, including those Wilko stores acquired in the year, which are performing “ahead of expectations”.
Alex Russo, chief executive, said: “The group has performed well in the year delivering strong operational execution. We serve our customers through a relentless focus on everyday low prices (EDLP), great product ranges and excellence in operational standards.
“This delivers profitable, cash generating growth for our shareholders. The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years and our French and Heron businesses continue to demonstrate significant profitable growth potential.”
