B&M has posted a rise in quarterly sales while its UK like-for-likes fell

B&M’s group revenues advanced 2.4% in the first quarter to June 29, “driven by volume and a disciplined store opening programme”.

However, like-for-like sales at B&M UK fell 3.5%, excluding a 1.6% decline from the impact of Easter timing. The retailer said that this compared to “exceptionally strong comparatives” last year and poor weather this year.

In the UK, B&M total sales were ahead 1.5% to £1.08bn. The Heron Foods business generated a 2.7% increase to £139m, while B&M France revenue climbed 7.5% to £126m. 

The retailer reported that “strong, profitable progress” has been made on store openings, During the quarter there were 19 openings and it’s on track for 45 openings this year. “All stores opened since last year are performing ahead of expectations,” it said.

B&M also said: “Well-planned seasonal stock buy, particularly in gardening, has delivered high sell-through in the quarter with no markdown risk in spring/summer.” B&M UK gross margin “has been strong and in line with expectations”.

B&M chief executive Alex Russo said: “The growth fundamentals of our business are strong, with a highly disciplined approach on pricing, product and high operational standards.

“We continue to offer our customers exceptional value at a time when household incomes are under pressure. Ahead of Q2, we have launched our Everyday Value range with more than 500 new lines in core categories across home, electrical and pet in the UK and France.

“As we transition towards autumn/winter in the months ahead, our relentless focus on everyday low price and everyday low cost will ensure we continue to serve our customers well.”