B&M racks up 10% growth as shoppers seek out savings

The value variety discounter saw group revenues increase 10.1% for the year to 30 March 2024, which it said was ”underpinned by volume growth and positive like-for-like performance”. 

B&M expects its preferred profit measure, adjusted EBITDA (pre-IFRS 16), to be at the top end of its guidance range at £629m. This would represent a 9.8% boost on last year, which reached £573m. 

Sales in the UK rose 8.5% year on year, up 3.7% on a like-for-like basis, while France saw 19.2% growth and Heron Foods rose by 15.3% year on year. 

During the year, B&M opened 47 new stores in the UK, two more than its previous guidance and said new openings were “trading well”, and the former Wilko stores it acquired were “performing ahead of expectations.”

B&M CEO Alex Russo said: “The group has performed well in the year, delivering strong operational execution. We serve our customers through a relentless focus on everyday low prices, great product ranges and excellence in operational standards.

“This delivers profitable, cash generating growth for our shareholders. The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years; and our French and Heron businesses continue to demonstrate significant profitable growth potential.”