The discount retailer’s Q1 revenue is up 21% despite slowdown in UK like-for-like growth.
Discount retailer B&M said it had made a ‘strong’ start to the new financial year in its core British market for the first quarter, helped by good sales of gardening and outdoor leisure ranges, and said it remained confident about its outlook.
For 1st April 2018 to 30th June 2018, sales revenue for the quarter increased by 21.4% to £796.3m, on a constant currency basis, from £656.3m the previous year.
B&M UK sales revenue for the 13 week period increased 8.3% to £648.3m, but like-for-like sales growth was just 1.6% in the quarter, slower than the 7.3% growth seen the same period a year ago.
Total revenue for the group, which includes the Heron Food convenience stores bought last year and German brand Jawoll, rose 21.4% at constant currency to £796.3m pounds ($1.05b).
Heron Foods, contributed £86.1m of revenue in the quarter, the company said.
The B&M UK business expects to open at least 45 new stores in current financial year.