B&M revenue up on pre-Covid levels as retailer plots more UK stores
Discount variety goods retailer B&M has posted boosted revenue compared to pre-Covid levels and hiked its earning expectations.
The firm said revenue was up 14 per cent compared to pre-pandemic third quarter comparatives, for the 13 weeks from 26 September 2021 to 25 December 2021.
In a trading update for the third quarter posted on Thursday, the Liverpool-based retailer reported group revenue growth of 0.1 per cent year on year on a constant currency basis.
Total UK revenue for third quarter was down 2.5 per cent year-on-year while one-year like-for-like revenue was down 6.2 per cent.
The retailer reported nine new UK stores opened in the most recent quarter, while two closed. It said it was planning to open an additional 13 stores before the end of the 2022 financial year.
Simon Arora, B&M chief executive, said the two-year comparison was evidence of “strong retention of new customers.”
He added: ” Our decision to take receipt of imported Christmas stock early in the season meant we were able to provide customers with great products at great prices. The consistency of performance in the core B&M UK business reflects the growing appeal of our stores as a destination visit for seasonal products, as well as the strength of our supply chain. “
Arora dubbed the festive period the brand’s “best-ever Christmas” and thanked his 24,000-strong workforce, who wil be awarded a discretionary bonus payment of an extra week’s wages in January.
The retail boss said the pandemic was still creating “challenges for retailers and consumers alike,” including “ongoing supply chain dsiruption, inflationary pressures and uncertainty surrounding possible Covid-related restrictions,” but the retailer continued to be confident about 2022.