Bargain-hunters boost B&M sales as inflation fears weigh on spending

 
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B&M plans to open more stores across the year (Source: B&M)

Discount retailer B&M today recorded its strongest first quarter for three years as British customers flocked to buy bargains with inflation looming.

The London-listed company, which also operates in Germany under the name Jawoll, said group revenue grew 18.3 per cent to £656.3m in the three months to 24 June in the UK and the end of the month in Germany.

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Strong grocery sales helped the group to achieve like-for-like sales growth of 7.3 per cent in the period.

Chief executive Simon Arora said the strong performance was down to customers becoming “more receptive to the outstanding value delivered by B&M's unique business model in relation to the things they buy regularly for their homes and families".

He added: “In these uncertain times, and with inflation returning to the UK market, more and more shoppers are actively seeking out value in our stores and that means our business is strongly positioned to do well and continue its rapid growth."

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The business is primarily based in the UK, where it operates 543 stores after opening six new ones in the first quarter. It expects to add a total of 40 to 50 new stores by the end of the financial year.

Jawoll, the company’s German arm, is expected to reach a total of 90 stores by the end of the year, up from 75.

The company said it had seen a good start to the second quarter and expected full-year profits to be in line with market consensus.

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