14th Jul 2016 06:41
LONDON (Alliance News) - B&M Europe Value Retail SA Thursday said it remains confident that it can deliver full year profit that will meet expectations after reported strong sales growth across the entire group in the first quarter.
The FTSE 250-listed value retailer said revenue was 22% higher in the first quarter to June 25, totalling GBP554.8 million compared to the GBP456.6 million generated a year earlier.
The B&M business in the UK managed to lift revenue by 21% year-on-year to GBP508.1 million from GBP418.8 million whilst the company's German discount retailer Jawoll reported revenue growth of 24% to GBP46.7 million from GBP37.8 million a year earlier.
Like-for-like sales in the UK remained flat year-on-year during the first quarter, but underlying like-for-like sales were up 1.7% in the first quarter, which excludes stores located near B&M stores that have been open for less than one year.
"The group's financial position remains sound and we are confident of meeting full year market consensus profit expectations," said B&M.
By Joshua Warner; [email protected]; @JoshAlliance
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