UK discounter B&M said it was confident on the outlook for profit growth this year after reporting a 9.7% rise in its 2023/24 year on Wednesday.
The increase reflected a similar rise in revenue which 78 new store openings boosted.
B&M is an FTSE 100 retailer which sells everything from garden furniture and electrical items to toys and food.
It has proved a resilient performer through the cost of living crisis.
B&M said its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the year to 30 March was £629 million.
This is in line with guidance issued in April.
The retailer’s revenue was £5.5 billion, up 10.1%.
Chief executive of B&M Alex Russo said, “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.”
In the upcoming 2024/25 year, B&M plans to open at least 45 gross new B&M stores in the UK.
It also hopes to open a “meaningful number” of stores in France for its Heron Foods business.
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