B&M has recorded a spike in interim sales and profits as boss Simon Arora said the retailer continued to “prosper in a challenging retail environment”.
The value retailer recorded a 17.8% leap in pre-tax profits year on year to £86.8m in the 26 weeks to September 23, driven by a 7.5% jump in UK like-for-like sales.
The retailer posted a 21.7% jump in group revenue to £1.3bn and unveiled 20 new UK stores including three relocations during the period, with plans to open a total of 50 new UK outlets in the current financial year.
B&M’s German arm, called Jawoll, also opened seven new stores during the period and is on track to open 11 this financial year.
Read more: Why has B&M swooped on Heron Foods?
The retailer has purchased land in Bedford to build a Southern distribution centre, which is set to be operational by the end of the next financial year.
Non-executive chairman Terry Leahy is set to retire from the retailer on March 1 next year after five years in the role and will be succeeded by Supergroup chairman Peter Bamford.
Speaking about B&M’s interim results, chief executive Arora said: “B&M continues to prosper in a challenging retail environment and our teams remain wholly focused on helping our customers spend less during uncertain times.
“Our UK business continues to go from strength to strength, with new and like-for-like stores performing exceptionally well and the acquisition of Heron has added another leg of growth to the group. We have also taken steps to enable us to push on with expanding our Jawoll business.”
Leahy added: “Our trading momentum in the UK has been maintained, driven by more shoppers seeking out value at B&M, combined with further improvements to our offer for customers particularly in ranging, pricing and store standards.
“We are well placed for the approaching Christmas season and we look forward to the remainder of the financial year with confidence”.