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B&M European Value Retail ups guidance as customers spend more per visit

By BFN News | 07:56 AM | Tuesday 29 September, 2020


General merchandise retailer B&M European Value Retail lifted its earnings guidance as customers spent more money per visit. First-half adjusted earnings before interest, tax, depreciation and amortisation was expected at £285 million, above the previously guided range of £250 million-to-£270 million. For the period from 29 March to 26 September 2020, revenue grew 25.3%, with B&M UK stores generating revenue growth of 29.5% including like-for-like growth of 23.0%. Trading momentum at B&M UK stores were maintained in the second quarter, with 19.1% like-for-like growth in the quarter and an exit rate at a similar level, the company said. 'Strong first half revenue growth and profit uplift [was] driven by elevated average spend per visit,' it added. The company opened 9 new B&M UK fascia stores by the half year end, offset by eight closures, the latter comprising mostly older, smaller stores. Story provided by StockMarketWire.com

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