B&M sales in the UK rose 8.5% year-on-year, up 3.7% on a like-for-like basis, as the retailer opened 47 new stores.

B&M group sales have grown to £5.5b and revenues increased 10.1% for the financial year to March 30th 2024. The retailer said these results were ”underpinned by volume growth and positive like-for-like performance”.

B&M added that it expects its preferred profit measure, adjusted EBITDA (pre-IFRS 16) to be at the top end of its guidance range, £629m. This would represent a 9.8% increase on last year, which reached £573m.

Sales in the UK rose 8.5% year-on-year, up 3.7% on a like-for-like basis, while France saw 19.2% growth and Heron Foods rose by 15.3% year-on-year.

During the year, B&M opened 47 new stores across the UK, which was slightly ahead of its previous guidance. The company said its new openings were trading well, and the former Wilko stores it acquired, were “performing ahead of expectations.” B&M bought 51 Wilko stores out of administration last year.

B&M CEO, Alex Russo, commented: “The group has performed well in the year delivering strong operational execution. We serve our customers through a relentless focus on everyday low prices, great product ranges and excellence in operational standards.

This delivers profitable, cash generating growth for our shareholders. The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years and our French and Heron businesses continue to demonstrate significant profitable growth potential.”

In January, B&M reported that sales increased by 5% over its third financial quarter, and Alex Russo said the performance across the golden quarter was very pleasing.