Value retailer B&M Bargains has hailed the success of its store opening programme and upped its long-term store target number as profits and sales for the full year soared.

B&M Stafford store exterior

B&M wants to have 1,200 UK stores in the coming years

B&M reported group adjusted EBITDA for the 53 weeks to March 30, 2024, of £629m, up 9.7% year on year and hitting the top end of the group’s guided range.

Adjusted operating profit at the retailer was also up 10.9% to £614m, compared to £554m in the previous year.

B&M also posted a 10.1% increase in group revenue to reach £5.5bn.

Sales at B&M’s core UK business were up 8.5% for the year, while revenues for B&M in France soared 19.2% and at Heron Foods were also up 15.3%.

Chief executive Alex Russo said it was a “good year” for the group as it exceeded its “lockdown peak” of £626m adjusted EBITDA.

While the retailer opened 78 gross new stores during the year, it has also upped its long-term store target to “no less than” 1,200 B&M stores across the UK.

The retailer also announced the appointment of Tifanny Hall as its new chair, succeeding Peter Bamford who is set to retire.

Russo said: “FY24 has been another good year for B&M. The three key components of our business − buying, logistics and retail − are working in balance and we continue to deliver excellent products at everyday low prices to our consumers. We are well set for the years ahead.

“During Q4, we accelerated our opening programme and the step-up in openings is continuing. In FY25, we will open not less than 45 gross new B&M stores in the UK, plus a meaningful number in France and for Heron. We have also raised our long-term store target to no less than 1,200 B&M UK stores, which provides a clear runway of profitable growth ahead for us, from our current base of 741 B&M UK stores.

“We have demonstrated strong volume-led momentum in our business throughout our trading history and that has continued, driving our profits ahead of both pandemic and pre-pandemic benchmarks. Despite the more challenging comparatives, with continued new store openings, and a laser focus on low prices and best-in-class retail standards, we remain confident in our outlook for cash generation and profit growth.”