Value powerhouse B&M reported a “very good” seasonal performance at its core UK business and full-year earnings are now expected to beat City expectations.
B&M said that in the third quarter to December 24, 2022, like-for-like sales at B&M UK rose 6.4% and total sales were up 10.3%.
At the group level, B&M, which also operates in France, saw revenue rise 12.3% year on year to £1.57bn.
The general merchandise retailer said that full-year adjusted EBITDA is now expected to be between £560m and £580m, ahead of analysts’ consensus of £557m.
B&M group chief executive Alex Russo said: “Our strong momentum throughout the golden quarter across the businesses demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail execution.
“Despite the challenging macroeconomic environment, we will continue to work hard to help both existing and new customers manage the cost-of-living crisis. The business has exited the quarter well and will remain focused on disciplined execution.”
The retailer’s Heron Foods arm delivered a revenue rise of 22.5% over the quarter.
B&M said there had been a “very good performance across all B&M UK categories, both in grocery and general merchandise”, and “excellent sell-through in key general merchandise ranges supporting improved gross margin performance”.
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