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B&M Bargain's UK sales leap 7.5%

B&M store opening

B&M, one of the UK’s leading discount retailers, today announced its interim results for the 26 weeks to 23rd September 2017.

Overall revenue for the holding company, B&M European Value Retail increased +21.7% to £1,346.4m (+21.0% at constant currency), whilst in the UK revenues grew +7.5%, including growth of +7.7% in Q2. Group adjusted EBITDA increased 19.8% to £116.1m (FY17: £96.9m) and profit before tax increased 17.8% to £86.8m (FY17: £73.7m).

Download the full results announcement here.

During the period the company opened 20 new stores including 3 locations and confirmed that they are on track to open a total of 50 new stores in this financial year, of which 7 are relocations.

Their German chain Jawoll, opened 7 new stores in the period, and are on track to open 11 new stores this financial year. Heron Foods, the discount convenience retailer that B&M acquired in August 2017 has  251 stores and provides complementary brand, format and additional profitable growth opportunity for the company.

The company also confirmed that contracts have been exchanged on the purchase of land in Bedford for a large new UK B&M Southern distribution centre, due to be operational by late 2019.

Download the B&M Results Presentation here.

Outgoing Chairman, Sir Terry Leahy said “B&M has delivered an excellent performance in the first half of the financial year with strong growth in revenues, EBITDA and profit before tax. Our trading momentum in the UK has been maintained, driven by more shoppers seeking out value at B&M, combined with further improvements to our offer for customers particularly in ranging, pricing and store standards. We are well placed for the approaching Christmas season and we look forward to the remainder of the financial year with confidence”.

Simon Arora, Chief Executive of the business said “B&M continues to prosper in a challenging retail environment and our teams remain wholly focused on helping our customers spend less during uncertain times. Our UK business continues to go from strength to strength, with new and like-for-like stores performing exceptionally well and the acquisition of Heron has added another leg of growth to the Group. We have also taken steps to enable us to push on with expanding our Jawoll business.” 

To see how competitive B&M Bargains are in the first Insight DIY Christmas Price Comparison Basket, click here.

Source: Insight DIY Team & B&M Press Release

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14 November 2017

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