B&M Posts Strong Christmas Sales; Confirms Special Dividend

B&M European Value Retail S.A. ("the Group"), the UK's leading variety goods value retailer, today provides a trading update for the third quarter ("Q3") of its current financial year ("FY24"), relating to the 13 week period from 24 September 2023 to 23 December 2023.

Highlights 

• Group revenue growth in the quarter of 5.0% year-on-year ("YoY") to £1,645m. Q3 YTD growth of 8.1% YoY to £4,194m on a constant currency basis²
  
  
• In the 14 week period to 30 December 2023, B&M UK like-for-like³ revenue growth was 1.2%, a strong quarter given prior year comparatives, performance was driven by positive transaction numbers
  
  
• Excellent general merchandise volume performance delivered strong sales participation and high sell-through, exiting the quarter with a clean Group inventory position flat YoY
  
  
• On track to open 76 gross new stores across the Group in FY24 (45 in B&M UK, 11 in B&M France and 20 in Heron Foods)
  
  
• Consistent with the Group's capital allocation framework, the Board will be declaring a special dividend of 20.0p per Ordinary Share to be paid on 9 February 2024 to shareholders on the register at 19 January 2024. The ex-dividend date will be 18 January 2024⁴

Alex Russo, Chief Executive, said, 

"The performance across the Golden Quarter has been pleasing, with strong operational execution across the three businesses. Our strategy remains unchanged - we are an everyday low-price discounter with a laser-focus in keeping excellence in retail standards and our costs the lowest. This allows us to provide our products at the best price to all customers - many of whom continue to face significant cost-of-living pressures.

We are well-positioned for the year ahead and we reiterate our guidance for Group adjusted EBITDA (pre-IFRS 16) within our target range of £620m - £630m for FY24 (FY23: £573m). Our store pipeline is strong and we will open not less than 45 B&M UK stores in each of the next two financial years, driving disciplined cash generating growth."

Source : B&M 

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