Liverpool value retail giant B&M sees sales across its UK and French stores rise 5% to more than £1.6bn in the so-called ‘Golden Quarter’ before Christmas. Tony McDonough reports
Value retailer B&M is reporting sales of £1.645bn in the 14 weeks to December 30, 2023.
This is a 5% rise across the board in its stores in the UK and France. UK B&M outlets saw a 3.7% rise in sales to £1.35bn, B&M France saw sales up 11.3% to £151m and frozen food chain Heron Food enjoyed a sales rise of 11.7% to £144m.
This so-called ‘Golden Quarter’ was the third quarter of Liverpool-based B&M’s fiscal year. In the year to date group sales are up 8% to almost £4.2bn.
B&M, which is based in Speke in Liverpool and employs 39,000 people, operates more than 1,160 stores. This includes more than 700 UK B&M outlets and 119 B&M stores in France. It also runs 315 Heron frozen food stores in the UK.
Its original target for the UK B&M brand was 950 stores. However, in November it revised this up to 1,200. It aims to open 125 new B&M stores in the next three years alone. And it will also open more B&M stores in France where there is a similar trend towards value retail.
In Tuesday’s trading update the company said it was on track to open 76 new stores in its full financial year, 45 in the UK, 11 in France and 20 Heron Food outlets.
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Chief executive Alex Russo said: “The performance across the Golden Quarter has been pleasing, with strong operational execution across the three businesses.
“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.”