British discount retailer B&M European Value Retail reported a 13.5% rise in quarterly revenue, which it said represented 'strong profitable trading momentum', as shoppers continue to seek out bargains to cope with the cost-of-living crisis.
B&M, which sells everything from toys to frozen food and garden furniture, said in May that it expected core earnings for its 2023-24 financial year to be higher than the £573 million (€664 million) of adjusted EBITDA it made last year.
UK And France Revenue
In Britain, where it operates over 700 stores, B&M said total revenues were 11.3% higher in the 13 weeks to June 24 at £1.07 billion (€1.24 billion), while sales in France, where it has about 100 stores, were up 29% to £117 million (€135.6 million).
'General merchandise sales participation and sell-through has been excellent' in its core UK market, the group added.
'Strong Trading Momentum'
"Our strong trading momentum demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail standards," commented chief executive Alex Russo.
"The business is well positioned as we start to transition to our autumn winter season. We will continue to work hard to help all our customers manage the cost-of-living crisis."
Shares in B&M have risen over 25% in the last month, outperforming Britain's bluechip index which was flat, giving the company a market capitalisation of £6 billion (€6.95 billion), bigger than Marks & Spencer, which is worth £3.8 billion (€4.4 billion).
Interim financial results for the 26 weeks ending 23 September 2023 will be published on 9 November, the group added.
News by Reuters, additional reporting by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.
