British discount chain B&M European Value Retail S.A. said it was confident on its outlook for profit growth in the year ahead, after reporting a 9.7% rise in its 2023/24 year, which reflected a similar rise in revenue.
The FTSE 100 retailer, which sells everything from garden furniture and electrical items to toys and food, has proved a resilient performer through the cost of living crisis.
In the year to 30 March, it made adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), its preferred profit measure, of £629 million (€738.7 million) – in line with guidance issued in April.
Revenue was £5.5 billion (€6.46 billion), up 10.1%.
'A Good Year'
“FY24 has been another good year for B&M," commented chief executive Alex Russo. "The three key components of our business – buying, logistics and retail, are working in balance and we continue to deliver excellent products at everyday low prices to our consumers. We are well set for the years ahead."
In its 2024/25 year, B&M plans to open not less than 45 gross new B&M stores in the UK, plus a 'meaningful number' in France and at its Heron Foods business.
During its most recent financial year, B&M opened 78 gross new stores across the group, including 47 in B&M UK, 20 in Heron Foods and 11 in B&M France.
'Volume-Led Momentum'
"We have demonstrated strong volume-led momentum in our business throughout our trading history and that has continued, driving our profits ahead of both pandemic and pre-pandemic benchmarks," Russo added.
Despite the more challenging comparatives, with continued new store openings, and a laser focus on low prices and best in class retail standards, we remain confident in our outlook for cash generation and profit growth.”
Additional reporting by ESM.
