The retailer rewarded colleagues and invested in the communities it serves through the payment of colleague recognition bonuses in relation to Covid-19 and the creation of over 7,200 new UK jobs.
B&M has announced its Preliminary Results for the year to 27th March 2021. Group revenues increased by 25.9% to £4,801.4m, while statutory profit before tax increased by 108.5% to £525.4m.
Over the year, there were 43 new B&M UK store openings, mostly during the second half of the year, following initial delays caused by Covid-19 at the start of the financial year. This was offset by 18 store closures. UK gross margin saw a significant increase, driven by a combination of a mix shift towards higher margin General Merchandise sales, together with what was described as “an unprecedented level of sell-through” on Seasonal lines due to elevated demand.
French operation Babou delivered an adjusted EBITDA of £11.1m, despite the disruption caused by 10 weeks of lockdown restrictions, ending the year with a total French estate of 104 stores, of which 73 now trade as B&M.
Simon Arora, chief executive, commented: “The last year has been an exceptional one. Our results reflect the speed at which we responded to the challenges presented by Covid-19,and the strength of our execution. The core B&M UK business, as an essential retailer, traded throughout the year and welcomed a number of new shoppers ,with colleagues working tirelessly to maintain on-shelf availability and provide a safe shopping environment. We also made strong progress in France, despite many stores being closed for up to ten weeks throughout the year. I express my sincere thanks to colleagues across the Group for all of their efforts and determination. Looking ahead, there are many uncertainties as society slowly emerges from lockdown and trading patterns are likely to be unpredictable for much of the year. Within our UK business, we will be up against the strong comparatives from last year but we remain confident that the B&M customer proposition, with its modern network of predominantly out of town stores and value-led variety offer, will prove highly relevant to the needs of shoppers. As such, we are well positioned to support the communities in which we trade, retain the loyalty of new customers ,and to continue our store roll-out strategy.”