B&M is pressing ahead with expansion plans, announcing it will open 45 new stores across the UK in the coming year, matching the number it opened over the past 12 months. The discount retailer said the new sites are performing "in line with expectations and are generating strong returns".
This growth push comes despite a drop in like-for-like sales across its UK business, which fell 3.1% to £4.5bn in the year to 29 March. The decline continued into the final 12 weeks of the financial year, down 2.4%.
However, the retailer remains upbeat, bolstered by a 3.7% rise in group sales to £5.6bn, aided by store openings and a strong performance in its French operations.
B&M identified its garden, toys, paint, and stationery categories as the main contributors to UK performance. However, the company acknowledged that its fast-moving consumer goods (FMCG) segment delivered a negative like-for-like result, despite showing growth in total sales value and volume. The retailer said efforts are underway to improve FMCG like-for-like performance.
Looking ahead, B&M expects its group adjusted EBITDA to land above the midpoint of its £605m to £625m guidance range.
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