Value retailer B&M ‘well placed’ for Christmas as half-year profits climb to £86.8m
Value retail group B&M has announced profit and revenue growth following a period of new store openings.
The Liverpool-headquartered company achieved a pre-tax profit of £86.8m in the 26 weeks to September 23 2017, up year on year by 17.8%.
Groupwide revenues, which includes sales from discount retailer Heron Foods and German business Jawoll, rose 21.7% to £1.35bn.
The period saw B&M UK add 20 sites to its store portfolio, including three relocations. The expansion has put the firm on track to open 50 stores, of which seven are relocations, this financial year.
Chairman Sir Terry Leahy said: “B&M has delivered an excellent performance in the first half of the financial year with strong growth in revenues, EBITDA and profit before tax.
“Our trading momentum in the UK has been maintained, driven by more shoppers seeking out value at B&M, combined with further improvements to our offer for customers particularly in ranging, pricing and store standards.”
He added: “We are well placed for the approaching Christmas season and we look forward to the remainder of the financial year with confidence.”
B&M has also announced this morning (November 14) that Peter Bamford, deputy chairman and senior independent director of Spire Healthcare Group plc, will replace Sir Terry on the board when he retires.
Peter will become non-executive chairman on March 1 2018.