Retail

UK Discounter B&M Confident On Profit Outlook

By Reuters
UK Discounter B&M Confident On Profit Outlook

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.

ADVERTISEMENT

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.

Read More: Weather Overtakes Inflation In Driving UK Grocery Sales Boost In May – NIQ

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.