29th May 2020 09:37
(Alliance News) - B&M European Value Retail SA on Friday said trading in the fourth quarter on financial 2020 ended strongly, followed by continued growth in the first eight weeks of financial 2021.
The FTSE 250-listed retailer said that trading in the thirteen weeks to March 28 ended strongly, driven by an exceptionally strong March performance in Grocery, with the B&M UK fascia like-for-like revenue up 6.6%.
Going forward, B&M said it experienced strong revenue growth in the first 8 weeks to May 23, with B&M UK fascia like-for-like revenue up 23%, driven by exceptionally strong Do It Yourself and Gardening categories, and despite a significant fall in customer count.
If DIY and Gardening categories are excluded, the B&M UK fascia like-for-like revenue over that 8 week period was up 10%.
A total of 49 B&M UK fascia stores which had previously been temporarily closed - due to the trading conditions affecting those stores - have all now re-opened. B&M and Babou stores in France closed from 15 March, but all but two re-opened on May 11.
"We have encountered exceptionally strong demand in our UK business over recent weeks. Customers have been coming to our stores much less frequently through the lockdown but their average spend has been much higher than normal. Clearly, there is also considerable uncertainty in relation to both the progression of Covid-19 and the economic outlook, and it is therefore hard to predict future trading levels," added Arora.
Full results for financial 2020 will be published on June 11.
B&M shares were trading 3.3% higher at 381.70 pence each on Friday morning in London.
By Ife Taiwo; [email protected]
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