Budget retailer B&M has announced plans to open hundreds of new stores across the UK, following a surge in annual sales as consumers sought out bargains.
B&M European Value Retail, which offers a variety of household goods, DIY supplies, food and clothing, stated that the past year marked a significant milestone in its ambitious expansion strategy. The company reported a 10% increase in total group revenues for the year ending in March, compared to the previous year.
On a like-for-like basis, which excludes the impact of new store openings, UK sales saw a rise of 3.7% compared to 2023. This growth, B&M explained, was fuelled by an increase in sales volume indicating more products were purchased and its competitive pricing strategy.
The group's annual pre-tax profit reached £498million, marking a 14% increase from the £436million reported the previous year. B&M attributed this profit boost to "strict cost control" measures implemented across the business, including at its head office and warehouses.
The retailer now aims to eventually open at least 1,200 stores nationwide, up from its previous target of 950. Currently, B&M operates 741 UK stores and opened 47 new locations in the most recent financial year.
'We drove four hours to visit the UK's biggest B&M - the haul was so worth it'
Chief Executive Alex Russo said: "The success of our new stores, our continued volume growth and improved sales densities show that we are as competitive as ever and we have plenty of runway ahead." He added: "We are well set for the year ahead," with the firm maintaining a "laser focus on low prices".
Read more similar news:
Comments:
comments powered by Disqus
