Despite a challenging retail market in the UK, B&M European Value Retail’s store revenue has increased by 8.8% since the end of September.
Like-for-like growth for its third quarter was 0.3%, with three new B&M UK stores opening during the period and 12 relocations of stores. Six more store openings are planned for the group’s final quarter.
Simon Arora, chief executive at B&M, said: “Against the backdrop of a difficult UK retail environment with reduced shopper footfall and political uncertainty, our core B&M UK business generated continued growth and delivered a record level of peak season sales.
“Cumulatively, B&M UK has achieved 2.3% LFL sales growth during the financial year to date, albeit with a slower performance than anticipated during the run up to Christmas.
“Overall the business delivered a good quarter operationally. Costs were well controlled and, combined with our usual strong focus on cash gross margins, yielded a profitable outcome. We were also able to exit the period with normal seasonal inventory levels. Our new store programme delivered 15 gross and 12 net new B&M UK stores in the quarter, and this year’s openings as a whole have performed better than expectations.”
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