B&M will bump ITV out of the FTSE 100 in a quarterly reshuffle as the discount retailer’s market value rose by nearly a quarter during the year.
The value retailer is set to formally enter the FTSE 100 on September 21 after its market close value on Tuesday of £4.75bn put it comfortably above the threshold required to enter the ranking.
Index manager FTSE Russell has confirmed that B&M will be the only company to be promoted in the quarterly reshuffle, while ITV will be the only relegation between the FTSE 100 and FTSE 250 indexes respectively.
B&M’s market value has risen by nearly a quarter since the start of the year as its sales surged during lockdown. The value retailer, which operates 656 UK stores, reported a rise in full-year profits and sales in the period to the end of March, and confirmed that trading in the intervening period has been strong.
B&M boss Simon Arora told Retail Week that although the retailer’s performance had been resilient before the coronavirus outbreak and during it, an unexpectedly high number of new customers chose to shop with the business amid the pandemic.
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