High street discounter B&M has reported a 95% rise in first-half core earnings as its low prices and out-of-town stores chimed with consumers during the Covid-19 lockdown.
B&M, which sells everything from homewares and toys to electricals and food, said it made adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of £295.6m in the six months to 26 September almost double the same period last year.
The group, whose full name is B&M European Value Retail, said revenue increased 25.3% to £2.24bn.
Like-for-like sales at B&M UK, whose stores were allowed to stay open through lockdowns because they sell some food, rose 23%.
The group said B&M UK’s sales growth was expected to moderate over the second half, but this hadn’t happened yet.
B&M has expanded rapidly.
It plans 40-50 B&M UK gross openings in the full 2020-21 year, offset by 10 closures.
Shares in the group are up 49% over the last year,valuing the business at £5bn – higher than the market capitalisation of Sainsbury’s.