16th Apr 2024 08:37
(Alliance News) - B&M European Value Retail on Tuesday said it expects annual profit at the "top end" of its guidance, hailing a year of "strong operational execution".
For the 53 weeks ended March 30, the Luxembourg-headquartered variety goods retailer said group revenue rose 10% annually to GBP5.5 billion.
Revenue in B&M UK climbed 8.5% to GBP4.41 billion, in France it surged 19% to GBP514 million, and at Heron Foods it increased 15% to GBP560 million. The retailer's Heron Foods arm largely sells frozen goods.
B&M said it saw "volume growth and positive like-for-like" over the course of the year, which also benefitted from an extra week and early Easter timing.
It expects adjusted earnings before interest, tax, depreciation and amortisation will rise 9.8% to GBP629 million, the top end of its GBP620 million to GBP630 million range. This is up 9.8% from GBP573 million a year earlier.
B&M also noted that it opened 47 B&M UK gross new stores, two ahead of previous guidance. The openings are trading well, it added.
Chief Executive Alex Russo said: "The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years and our French and Heron businesses continue to demonstrate significant profitable growth potential."
Shares in B&M were down 1.8% to 501.60 pence each in London early Tuesday.
By Sophie Rose, Alliance News senior reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.