Strong revenue growth spurs B&M into store opening spree
B&M plans to open between 40 and 45 new stores on the back of strong first-half revenue growth. The retailer reported group revenue growth of 25.3 per cent in the six months to 26 September, upgrading its profit guidance with expected adjusted EBITDA of £285 million. B&M will post its full interim results on 12 November.
Often operating in retail parks and other areas outside the high street, B&M has bucked the store closure trend and did not feel the hit from lower footfall. Now it expects to add between 40 and 45 new stores to its estate by the end of the year. The majority of the openings are expected in Q4. “Our group has performed well in the first half,” said the retailer’s CEO Simon Arora. “Our business model is proving well-attuned to the evolving needs of customers, given our combination of everyday value across a broad range of product categories being sold at convenient out-of-town locations.
“Our people have risen to the many challenges posed by the Covid-19 crisis, not least in serving our customers through a period of high demand, keeping our shelves filled, providing a clean and safe shopping environment, as well as sourcing higher volumes than we had planned. I thank them all for their commitment, hard work and resilience.”