B&M: Value retail chain on track to open 45 new stores in UK this year

The company, which also runs Heron Foods, saw group revenues lift to £1.35bn in the 13 week period from March 31 to June 29 2024.

In the UK, B&M saw revenue rise 1.5 per cent to £1.08bn, while in France revenue rose 7.5 per cent to £126m. Revenue for Heron Foods also rose 2.7 per cent to £139m.

Alex Russo, chief executive, 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.”

The group said it also plans to open 11 new stores in France, in addition to the two it already opened in this quarter.

Like-for-like sales for B&M UK fell 3.5 per cent during the quarter. The group said this was down to “unseasonal weather” in April and May of this year, and compared to “exceptionally strong” growth of 9.2 per cent in the same period last year.

The company added that it continues to expect “profitable cash generating growth” across the full financial year, underpinned by what it described as the group’s “strong fundamentals and normalising comparatives”.

B&M said that its three businesses are “well set up” commercially and operationally into the second quarter, adding: “Availability is very strong, product ranges and price points in general merchandise are market leading.”

B&M expects to publish its half-year financial results for the 26 weeks to September 28 on November 14 2024.