Bucking the current retail trend, the retailer plans to open 50 new stores this year, as customers appreciate focus on value.
The company has reported that profit before tax in the year to 30th March was £249.4m; an increase of almost 9% on the previous year. Revenue rose 17% to £3.5b, while like-for-like sales were 0.7% higher in the company’s core UK market, where it has 620 eponymous stores. The company confirmed a 5.7% increase to its dividend and maintained its outlook.
Chief executive Simon Arora commented: “B&M has again delivered strong results against the challenging backdrop of continued structural change in our industry, rising costs and uncertain times for consumers, demonstrating that its value credentials remain as resonant as ever with customers, whether they need a bargain or just enjoy one. We have made important progress in establishing platforms for further long-term expansion in both Germany and France although there is much work to be done to implement the disruptive, value-led B&M model in these large new markets.”
B&M said it opened 44 net new stores in the UK over the 12 months and is on track to create 50 new sites in its current financial year. The company said it was “benefiting from plentiful availability of attractive new store opportunities”.
“We enter the new financial year with renewed trading momentum particularly in the UK, a high-quality new store expansion programme in place, and investing in our new infrastructure to support future growth,” added Simon. “I’m confident B&M is well-positioned to deliver further strong progress in the current year and beyond.”