B&M profits rise driven by rapid store expansion

Bmbargains

B&M has posted a jump in full-year profits despite ongoing struggles in the German market, driven by its rapid store expansion programme.

The value operator said pre-tax profit swelled 10.3% to £249.4m in the 52 weeks to March 30.

Adjusted to strip out the impact of exceptional items, earnings before tax advanced 8.2% to £239.8m. Adjusted EBITDA climbed 11.9% to £312.3m.

B&M hailed a 17.1% spike in group revenues to £3.5bn during the year, but like-for-likes inched up at the much slower rate of 0.7%.

Sales across B&M’s Heron Food business surged 68.6% to £354.1m, while revenues from its core B&M fascia were up 8.7% to £2.8bn.

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