B&M pledges to open 45 new UK stores in year ahead as firm sees boost in sales
B&M intends to open at least 45 more stores in each of the next two financial years
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B&M has announced plans to open at least 45 stores in the UK in each of the next two years.
The retailer saw revenue increase year on year, an update for the 53-week financial reporting period to March 30, 2024, said today.
B&M European Value Retail SA, which trades as B&M, said revenues of £5.5billion increased by 10.1 per cent, underpinned by volume growth and positive like-for-like performance.
The Group revenue growth also benefitted from the additional week of trading and early Easter timing in the 2024 financial year.
In the B&M UK division, sales increased by 8.5 per cent to£4.41billion.
B&M UK opened 47 gross new stores in the UK, two ahead of previous guidance.
The firm said the openings are "trading well", and this includes former Wilko stores acquired towards the end of 2023, which are "performing ahead of expectations".
Alex Russo, Chief Executive, said: “The Group has performed well in the year delivering strong operational execution.
"We serve our customers through a relentless focus on everyday low prices (EDLP), great product ranges and excellence in operational standards.
"This delivers profitable, cash generating growth for our shareholders.
"The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years and our French and Heron businesses continue to demonstrate significant profitable growth potential.”
B&M opened a new store in Burgess Hill's Market Place Shopping Centre on Tuesday, April 9.
The opening created 100 jobs for the local people and has brought a welcome boost to the local economy.
The store manager from B&M said: “We’re feeling extremely positive about the creation of more jobs for local people, and we hope customers are going to be delighted with their new store.
They added: “Burgess Hill Creative Community, really stood out for us, so we wanted to give them some VIP treatment as a thank you for all the hard work that they have done.
"We hope that our donation can help them to continue the great work they do.”
LATEST DEVELOPMENTS:
Wilko was forced to close all of its stores last year, but the brand was later bought by CDS Superstores
B&M agreed a deal with administrators for Wilko to buy up to 51 store locations last September.
The latter was forced to shut its 400 shops and make almost all of its 12,500 employees redundant after collapsing into administration in August.
The Range owner CDS Superstores bought the Wilko brand, intellectual property and website, and has since reopened a number of Wilko concept stores.