NEWS

B&M posts strong financial results and outlines expansion plans

Published on: 24th July 2019

The discount retailer has announced a wave of new openings as part of plans to expand its high street presence.

High street discounter B&M reported a strong start to the new financial year in a statement report on Wednesday. Group revenue growth in the last quarter rose 21.4%, including its convenience chain Heron Foods, but its German business Jawoll slipped due to warehouse complications.

In the core B&M UK business revenue rose 13.8%, with like-for-like growth of 3.9%.

The company, which has opened 12 new B&M UK stores in the last quarter and relocated one, has also announced plans to bring 45 new stores to the high street by December, creating hundreds of new jobs. The group trades from about 632 B&M branded stores and 287 stores under the Heron Foods and B&M Express brands in Britain as well as the Jawoll chain in Germany and Babou brand in France.

“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,” said Simon Arora, chief executive. “We have 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. 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.”

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