Sales at B&M Bargains soared this year as consumers sought out discount prices in the wake of the credit crunch.

The Blackpool-based retailer has revealed like-for-like sales up 9.4 per cent for the year to July 5. Overall sales rocketed 96 per cent.

The retailer will ramp up its expansion to cash in on the growth and wants to open a store every two weeks. This year, it has launched 18 stores already, taking its total to 66.

B&M Bargains has restricted its expansion to the Northeast and Midlands previously, but has ventured into South Wales and Scotland this year.

“We’re confident we can roll out all the stores,” said B&M Bargains managing director Simon Arora. “We see these kind of sales figures every week, so we remain cautiously optimistic it will continue. Shoppers vote with their feet.”

Arora added that, in order to maintain its growth rate, the retailer is “finding it essential to keep a very tight control on costs”.

Last year, B&M Bargains revealed it wanted to more than double its store count over the next three years and enlisted Deloitte to advise on a refinancing of the business to fund the accelerated store expansion strategy. Before this, the retailer had opened 12 stores a year.

B&M Bargains was bought by brothers Simon and Bobby Arora from private equity firm Phildrew Ventures three years ago.

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