B&M Bargains has registered a strong uplift in revenues during the festive period as more consumers sought value for Christmas.
Group revenue surged 22.5% in the 13-week period to December 26, with UK stores generating revenue growth of 26.6%.
On a like-for-like basis UK sales jumped 21.1%, with the retailer opening net 16 new stores during the quarter.
B&M plans to open 18 more stores during the fourth quarter, bringing the total to 45 gross for the full year, offset by 10 closures.
B&M’s value convenience store chain Heron Foods also saw “solid” like-for-like sales growth for the quarter, opening two new stores during the same period.
The retailer’s French fascias Babou and B&M France saw a slight drop in revenues of 1.4% due to a four-week lockdown, which ended on November 28. Outside of the lockdown period, B&M said that sales performance was “strong”.
B&M narrowed its full-year profit guidance to between £540m and £570m, after the repayment of £80m in business rates relief.
B&M chief executive Simon Arora said: “Our trading performance is testament to the hard work and commitment of all our colleagues, to whom I express my sincere thanks.
“The safety and wellbeing of our customers and colleagues has remained our priority during these unprecedented times, while we have worked hard to provide customers with the everyday essentials they need.
“We are awarding some 30,000 store and distribution colleagues an extra week’s wages in recognition of their considerable efforts.
“Notwithstanding our status as an essential retailer, with lockdown restrictions in the UK having tightened there remain uncertainties ahead.
“With our combination of exceptional value and convenient out-of-town locations, we are confident that our business model will prove highly relevant to the needs of customers in 2021.”
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