Despite losing nearly 7% in share price, the discount retailer B&M saw its quarterly revenue increase +13.5% as it reveals its latest results.
Discount specialist B&M has unveiled a strong set of results as consumers feeling the pinch of the Cost of Living crisis turned to the retailer for low-priced goods.
B&M said in a statement that “both grocery and general merchandise categories have performed very well”, “driven by consistently strong and positive like-for-like transaction numbers.” This resulted in a +13.5% increase in quarterly revenue, an LFL sales increase of +9.2% and revenues of over £1b, up from £957m in the same period last year.
Chief executive Alex Russo said: “Our strong trading momentum demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail standards.”
He added that: “The business is well positioned as we start to transition to our autumn/winter season. We will continue to work hard to help all our customers manage the cost-of-living crisis.”
In May, B&M announced that it expected core earnings for its 2023-24 financial year to be higher than the £573m of adjusted EBITDA it made last year while revealing plans to roll out an extra 30 stores across the UK to up keep demand.
