NEWS

B&M exceeds first quarter expectations

Published on: 3rd July 2020

The discount retailer has posted over £1b in group revenue.

B&M exceeds first quarter expectations

B&M Bargains has reported a strong first quarter, with its UK business trading ahead of expectations, as the retailer recovers from the effects of the current climate.

In the period from 29th March to 27th June, the discount retailer saw group revenue rise by 27.7% to £1.15b. Revenue at the UK business was 33.7% higher, with a like-for-like growth of 26.9%, up from 3.9% in the corresponding period a year ago. Revenue at its French business, Babou, fell to £54m from £72.6m.

B&M said it had seen a “steady recovery” in the like-for-like customer count over the quarter, after an initial decline during the Covid-19 lockdown, alongside “significantly increased” average transaction value compared to the year prior.

The company said its UK business has 656 stores trading, versus 632 trading at the end of the first quarter of last year, with no new stores opened in the quarter due to the impact of the pandemic.

B&M chief executive, Simon Arora, commented: “The group has made a strong start to the financial year, with a particularly strong performance in our UK businesses, and progress now resumed in France after an eight-week closure period. However, as outlined at our preliminary results for the last financial year announced on 11th June 2020, there are a great deal of uncertainties ahead.”

 

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