NEWS

B&M posts strong growth

Published on: 19th November 2014

B&M is in talks with at least six major UK retailers to purchase stores from them.B&M-Logo300

The firm has announced a 34% rise in first-half earnings and said it is on track to open up to 50 stores in its 2014-15 financial year. B&M opened a net 20 stores in its first half and is confident it can increase its store base from 400 to 850 in the next eight years.

“There are at least six retailers that are in active negotiations with us on right-sizing their estates,” CEO Simon Arora commented, “The B&M model works just as well on the south coast as it does in the north west and we’re mindful that half of the country hasn’t heard of us.”

Shares in B&M rose 0.7% to 271.4 pence, valuing the business at 2.73 billion pounds. B&M made core earnings of 73 million pounds in the six months to Sept. 27. Revenue increased 29.7% to 739.8 million.

In the first half B&M entered continental Europe with the purchase of an 80% stake in Germany’s Jawoll, which trades from 49 stores. Simon Arora has been quoted as saying that B&M’s long-term goal is to emerge as “the Dollar General of Europe.”

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