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B&M Sees 10.1% Rise In Revenue

Store 792 B&M Teeside Park
  • Volume growth led delivery at the top end of guidance

B&M European Value Retail S.A., the UK's leading variety goods value retailer, today provides an update for the 53 week financial reporting period to 30 March 2024.

Highlights 

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  • Group revenues of £5.5bn increased by 10.1% (+10.1% constant currency2) underpinned by volume growth and positive like-for-like3 ("LFL") performance. Group revenue growth also benefitted from the extra week of trading and early Easter timing, which will not be repeated in FY25

  • B&M UK Q4 LFL3 was 2.9% in the 14 week period to 30 March 2024. This was driven by strong volume performance across both FMCG and general merchandise. FY24 B&M UK LFL3 was 3.7%, driven by increased customer transaction numbers

  • Opened 47 B&M UK gross new stores, two ahead of previous guidance. The openings are trading well, including those Wilko stores acquired in the year, which are performing ahead of expectations

  • FY24 Group adjusted EBITDA (pre-IFRS 16) is expected to be £629m, at the top end of our £620m-£630m guidance range. This is a 9.8% increase versus FY23 (FY23: £573m) and 83.9% higher versus FY20

  • Strong operating cash generation, supported by a clean inventory exit position, has resulted in leverage4 beneath 1.2x (FY23: 1.3x), after payment of a £201m special dividend in February 2024

  • Cumulative cash distributions of £1.8bn paid during the financial periods between FY21 and FY24, demonstrating a continued disciplined approach to capital returns and shareholder value creation

Alex Russo, Chief Executive, said, 

"The Group has performed well in the year delivering strong operational execution. We serve our customers through a relentless focus on everyday low prices (EDLP), 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."

Source : B&M

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16 April 2024

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