B&M posts 22% surge in Christmas sales

Mae Love
January 13, 2018

In the United Kingdom, like-for-like revenue saw a slower rate of growth at 3.9%, down from 7.2% the year before, as B&M's store opening programme continued to see success and the firm noted the "demanding" prior year comparative.

In a week when several rival retail updates were poorly received, investors are suitably impressed and the news sends high-flying shares in the Liverpool-headquartered discounter up 2.4% (9.6p) to 406.5p.

B&M also operates 84 stores in Germany under the Jawoll fascia, where sales rose by 8.2 per cent on a euro basis in the period which equated to an increase of 10.4 per cent in sterling to £52.7 million.

The group said that the stellar performance reflects its new store opening programme, with 19 outlets added in the quarter.

Meanwhile, the Heron convenience store estate, which B&M acquired in August, contributed revenues of £79.8 million in the quarter, with strong like-for-like growth.

Simon Arora, the chief executive of parent B&M European Value Retail, said: "B&M continues to go from strength to strength".

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B&M said: "Management is confident that the Group will meet market expectations for EBITDA for the current financial year".

United Kingdom discount retailer B&M has reported revenue growth of 22.7% in the third quarter of its financial year, with strong sales during the Christmas period.

Retail analyst Bryan Roberts said: "Worth noting that B&M highlights grocery as a driver of like-for-like growth".

Liberum Capital, a buyer with a 475p price target, sees this 'as a very solid update and a strong performance against tough comparatives.

In a note to client's analysts at Liberum Capital said: "We expect organic growth combined with the ongoing store roll-out to support long-term double-digit growth across the United Kingdom and in Germany".

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