B&M has beaten its lockdown peak, thanks to new store openings and continued demand for its value offer from cash-strapped shoppers.
The value retailer’s statutory pre-tax profits jumped 14% to £498m in the 53 weeks to 25 March, up from £436m.
Sales surged 10% to £5.48bn, up from £4.98bn, which it said was underpinned by volume growth in its UK fascia driven by its new store openings.
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B&M said it was planning to open at least 45 new stores in the UK this year as part of its target to reach 1,200 locations nationwide. It currently has 741 shops.
The retailer said the success of its new shops and continued volume growth “show that we are as competitive as ever and we have plenty of runway ahead”.
It came as the discount chain pointed out its adjusted EBITDA of £629m had exceeded its “lockdown” peak of £626m.
Chief executive Alex Russo said: “FY24 has been another good year for B&M. The three key components of our business – buying, logistics and retail, are working in balance and we continue to deliver excellent products at everyday low prices to our consumers. We are well set for the years ahead.”
“We have demonstrated strong volume-led momentum in our business throughout our trading history and that has continued, driving our profits ahead of both pandemic and pre-pandemic benchmarks.
“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.”
The discount chain also revealed that ex-Bupa managing director Tiffany Hall will become B&M’s new chair in July, succeeding Peter Bamford who is set to retire. Hall has been a non-executive director at the value chain since 2018.
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