14th Jan 2016 08:09
LONDON (Alliance News) - B&M European Value Retail SA on Thursday reported growth in revenue in the third quarter of its financial year as strong sales in the UK offset a weaker performance in Germany, the latter hit by the weak euro.
The discount retailer said total sales in the 13 weeks ended December 26 rose 23% to GBP647.8 million from GBP527.9 million in the same period the year before. UK revenue increased 25% to GBP614.5 million from GBP493.8 million, but sales for the Jawoll brand in Germany fell to GBP33.3 million from GBP34.1 million due to the strong sterling against the euro. At constant currency, sales at Jawoll would have risen 7.8%.
B&M said it achieved a record Christmas season in the UK, despite a challenging market, serving over four million customers in the Christmas week as it continued to gain market share.
"Overall we are on track with our plans for the year as a whole and remain comfortable with market expectations for the full year," Chief Executive Simon Arora said in a statement.
B&M shares were up 5.1% to 269.9 pence early Thursday, one of the best performers in the FTSE 250.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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