B&M tops £2bn turnover for the first time

B&M Retail has recorded very strong growth in its full year to 26 March 2016, with group revenue up 23.6% to over £2.04bn for the first time. Their full year pre-tax profits increased 19.5% to £161.4m, while same store like for likes grew 0.3%.

The total store estate now stands at 499 outlets, with B&M having opened 79 new UK stores during the period. The retailer says it has built a network of over 3.3m customers on average each week in comparison to its previous total of 2.6m in 2014.

During the next 12 months, the business plans to open a further 50 UK branches and around 19 in Germany.

"B&M has delivered another year of strong progress with the implementation of our strategy for growth and an excellent financial performance in terms of overall sales, profits and cash generation. Our expansion strategy is on track to deliver further growth during the year ahead in our chosen markets” said Sir Terry Leahy, former Tesco boss and B&M chairman.

“Whilst we are mindful that the general economic outlook is uncertain, and the market remains fiercely competitive, we have made a solid start to the new financial year. We believe our unique business model places us in a strong position and we look forward to the year ahead with confidence” noted B&M Chief Executive Simon Arora.

Source: Insight DY Team