Shropshire Star

Sales up 10.1pc for B&M's owner

The owner of B&M, which has stores across the Black Country, Shropshire and Staffordshire, enjoyed a 10.1 per cent rise in sales to £5.5 billion in the year to the end of March.

B&M has a stores in Wolverhampton's Mander Centre

B&M European Value Retail, which also includes Heron Foods, opened 47 new B&M stores in the year.

The openings are trading well, including those former Wilko stores acquired in the year, which are performing ahead of expectations.

B&M UK revenue was up 8.5 per cent to £4.41bn with Heron ahead 15.3 per cent to £560 million.

Group revenue was helped by the early Easter timing, which will not be repeated in 2024-2025.

B&M UK like-for-like sales improved 2.9 per cent in the 14 -week period to March 30.

Group adjusted earnings before tax are expected to be £629m, at the top end of the group's £620m to £630m guidance range. This is a 9.8 per cent increase von 2022-2023.

Chief executive Alex Russo 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, 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."

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