British discount chain B&M European Value Retail kept its full-year profit outlook as it reported a 5.0% rise in revenue over the Christmas quarter, bucking a more subdued outcome across the wider market.
The FTSE 100 group, which sells everything from toys to frozen food and garden furniture, said it still expected full year 2023/24 adjusted EBITDA of £620 million (€721.2 million) to £630 million (€732.9 million), up from the £573 million (€666.6 million) made in 2022/23.
B&M said in the 14 weeks to December 30, its fiscal third quarter, like-for-like revenue growth in the main B&M UK business was 1.2%.
That was a slowdown from growth of 6.2% in the first half. However, B&M said it was a 'strong quarter', given the tough prior year comparative numbers.
Read More: B&M European Value Retail Q3 Results – What The Analysts Said
'Operational Execution'
“The performance across the Golden Quarter has been pleasing, with strong operational execution across the three businesses," commented Alex Russo, the retailer's chief executive.
"Our strategy remains unchanged - we are an everyday low-price discounter with a laser-focus in keeping excellence in retail standards and our costs the lowest. This allows us to provide our products at the best price to all customers – many of whom continue to face significant cost-of-living pressures.
"Our store pipeline is strong and we will open not less than 45 B&M UK stores in each of the next two financial years, driving disciplined cash generating growth.”
Separately on Tuesday, industry data showed lacklustre UK retail sales around Christmas, which may add to concerns that the economy has tipped into a mild recession, less than a year before a likely national election.
Additional reporting by ESM
