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B&M reports 'solid' start to year as sales grow 21% in Q1

By BFN News | 08:25 AM | Wednesday 24 July, 2019


Retailer B&M European Value Retail reported a 'solid start' to the new year with revenues growing by more than a fifth in the first quarter. From 31 March 2019 to 29 June 2019, group revenue grew 21.4%, with B&M UK revenue growth of 13.8% including like-for-like growth of 3.9%. The retailer opened 12 new B&M UK fascia stores during the quarter with one relocated, and remained on track to open 45 net new stores in the year as a whole. Its value convenience store chain, Heron Foods, continued to trade well with 'solid' like-for-like sales growth and 6 new stores opened in the quarter, the company said. 'The Group has made a solid start and we are on track with our plans for the year as a whole, with a strong performance in the B&M UK business and continued implementation of our planned change programmes in Germany and France, with a continued focus on resolving the warehousing and logistics challenges in Jawoll,' said Simon Arora, Chief Executive. 'B&M had its third consecutive record Easter trading period with sales of seasonal products and Homewares performing particularly well and Heron Foods has traded solidly too. The transitional changes to the product offers in Jawoll and Babou are now taking shape, as we apply the B&M model to those businesses. We look forward to the remainder of the year with confidence.' At 8:25am: (LON:BME) BM European Value Retail share price was +1.25p at 358.35p Story provided by StockMarketWire.com

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