Revenues at Liverpool retail giant B&M in its so-called ‘golden quarter’ in the run up to Christmas rise 12.3% to £1.57bn. Tony McDonough reports
Trading at value retailer B&M was up 12.3% year-on-year in its so-called ‘golden quarter’ which includes the festive season.
In a trading update to the stock exchange on Thursday, Liverpool-based B&M said revenues for the 13 weeks from September 25 to December 24 hit £1.57bn. This was up from just under £1.4bn for the same period in 2021.
Operating from its headquarters and distribution centre in south Liverpool, B&M has 1,133 stores. This includes 705 UK B&M outlets and 113 B&M stores in France. It also runs 315 Heron frozen food stores in the UK.
All three strands of the business saw sales rise during the quarter. B&M UK saw sales of just over £1.3bn, B&M France £136m and Heron £129m. Total revenues for its fiscal year to date stand at £3.87bn, ahead of £3.67bn achieved a year ago.
In the trading update B&M reported a “very good performance” across all B&M UK categories, both in grocery and general merchandise. It added that “excellent” sell-through in key general merchandise ranges supporting improved gross margin performance.
Chief executive Alex Russo, who took over from the retiring Simon Arora in September, 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.”
Mr Arora announced he was stepping down in April, although his brother Bobby will remain with the business. B&M began with a single store in Blackpool in 1976. It was operating 20 UK stores and was still Blackpool-based when the Arora brothers acquired it in 2005.