Wednesday 24 July 2019 8:51 am

B&M boosts revenue as expansion plan continues

Bargain retailer B&M boosted revenue in the first quarter of the financial year, the company said, as it announced that its store opening schedule remains on track. 

Group revenue growth in the quarter was 21.4 per cent driven by B&M UK revenue growth of 13.8 per cent, the company said in a trading update this morning. 

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Total group revenue reached £967.7m, up from £797.2m in the first quarter of the previous financial year. 

In total 12 new B&M UK stores opened in the quarter as the group targets opening 45 new branches in the year. 

The company’s value convenience store chain Heron Foods also saw like-for-like sales growth and six new store openings in the quarter.

B&M’s German business Jawoll reported revenue growth of 1.9 per cent, while Babou – it’s French division – recorded revenue of £72.6m. 

Chief executive Simon Arora said: “The group has made a solid start and we are on track with our plans for the year as a whole, with a strong performance in the B&M UK business and continued implementation of our planned change programmes in Germany and France, with a continued focus on resolving the warehousing and logistics challenges in Jawoll.

“B&M had its third consecutive record Easter trading period with sales of seasonal products and homewares performing particularly well and Heron Foods has traded solidly too.

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“The transitional changes to the product offers in Jawoll and Babou are now taking shape, as we apply the B&M model to those businesses. We look forward to the remainder of the year with confidence.”