B&M’s first quarter sales have risen as shoppers continue to seek out bargains.
Sales for the discount chain edged up 2.4% to £1.34bn in the 13 weeks to 29 June, which it attributed to volume growth and a disciplined store opening programme across the group.
However, like-for-likes at its core UK business fell 3.5%, which it attributed to “exceptionally strong comparatives” last year and poor weather in April and May this year.
Despite the wet weather, B&M noted that its “well-planned seasonal stock buy, particularly in gardening, had delivered high sell-through in the quarter with no markdown risk in spring/summer”.
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The retailer added it had made “strong, profitable progress” on its UK expansion plans, opening 19 gross stores in the first quarter putting it on track for its 45 store target. It said that all stores opened since last year are performing ahead of expectations.
B&M chief executive Alex Russo said: “The growth fundamentals of our business are strong, with a highly disciplined approach on pricing, product and high operational standards.
“We continue to offer our customers exceptional value at a time when household incomes are under pressure. Ahead of Q2, we have launched our Everyday Value range with more than 500 new lines in core categories across home, electrical and pet in the UK and France.
“As we transition towards autumn/winter in the months ahead, our relentless focus on Everyday Low Price and Everyday Low Cost will ensure we continue to serve our customers well.”
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