B&M, the variety goods value retailer, has given a trading update for the 13 weeks from 24 September to 23 December 2023. Group revenue grew by 5.0% year-on-year (“YoY”) to £1,645m.
- YTD growth (39 weeks to 23rd December) of 8.1% YoY to £4,194m.
- In the 14 weeks to 30 Dec 2023, B&M UK like-for-like growth was 1.2%.
- Plans to open 76 gross new stores across the Group in FY24
- 45 new B&M stores in UK, 11 in B&M France and 20 in Heron Foods
- Special dividend of 20.0p per Ordinary Share to be paid on 9 February 2024.
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 isstrong and we will open not less than 45 B&M UK stores in each of the next two financial years, drivingdisciplined cash generating growth.”
