17th Jul 2015 06:37
LONDON (Alliance News) - B&M European Value Retail SA on Friday said its sales revenue rose in the first quarter of its financial year, despite a slowdown in like-for-like sales growth year-on-year.
The discount retailer said its total group sales revenue for the 13 weeks to June 27 was GBP456.6 million, up from GBP367 million in the comparable period a year earlier. Total group sales growth in the quarter was 24%, slowed from the 32% growth it posted a year earlier, while its like-for-like sales growth slowed to 1.1%, compared to 6%.
B&M, which started trading as a FTSE 250 constituent in June following the most recent quarterly index review, said its like-for-like sales performance was held back by the disappointing weather conditions in May, which held back sales of outdoor products.
The group said that while the UK grocery and consumer goods markets remain competitive, the performance of its new openings in the UK has been strong and is remains confident on the prospects for its future store opening plans.
B&M said its financial position remains strong, and it is confident on meeting full-year market expectations.
By Sam Unsted; [email protected]; @SamUAtAlliance
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