Value retailer B&M has reported strong sales growth for the year amid high inflation and a slowdown in the UK economy.
For the 12 months to 25 March 2023, B&M reported group revenues of £4.98bn. This is up 6.6% from £4.67bn a year ago, and 30.7% higher than pre-pandemic levels on a constant currency basis.
Customers looking for bargains drove like-for-like transactions higher every month from June 2022. To help meet this increase in demand, the company is planning to open around 30 new stores in the current financial year.
Adjusted EBITDA dropped to £573m from £619m in fiscal 2022 as the retailer faced cost inflation and adjusted to normal trade post-pandemic.
“FY23 has been another year of strong underlying progress for B&M and the long-term future looks very positive,” said chief executive Alejandro Russo.
He added that the company was responding to the short-term pressure on consumers from the cost-of-living crisis “with a relentless focus on price and value”.
B&M currently operates 707 stores in the UK under the ‘B&M’ brand, 319 stores under the ‘Heron Foods’ and ‘B&M Express’ brands, and 114 stores in France under the ‘B&M’ brand.
