Liverpool value retailer B&M sees sales rise 13.5% in the first quarter of its fiscal year to almost £1.32bn despite ‘major economic headwinds’. Tony McDonough reports
Liverpool retailer B&M says sales in the first quarter of its financial year hit £1.318 as shoppers in the UK and France flock to its value offer.
In a trading update for the 13 weeks to June 24, south Liverpool-based B&M saw sales in its UK B&M outlets rise 11.3% to just over £1bn. Its UK-based Heron frozen food stores reported sales up 19.4% to £135m while B&M France sales soared 29.1% to £117m.
When B&M reported its full-year results at the end of March this year, chief executive Alejandro Russo said: “There have been major economic headwinds and there has been material cost pressures to deal with.”
Those pressures continue with consumers tightening their belts and business costs remaining high across the economy.
However, striking an upbeat note on Thursday, Mr Russo added: “Our strong trading momentum demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail standards.
“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.”
B&M, which employs 39,000 people, operates 1,135 stores. This includes 707 UK B&M outlets and 113 B&M stores in France. It also runs 315 Heron frozen food stores in the UK.
In March it reported falling pre-tax profits for the year to March 25, down 12.6% to £459m. This is despite annual sales of just under £5bn. This is 6.6% ahead of last year and 30.7% more than the last pre-pandemic year.