29th Jun 2023 09:05
(Alliance News) - B&M European Value Retail SA on Thursday said strong, profitable momentum across all regions boosted its quarterly revenue.
The Luxembourg-based variety goods value retailer said total revenue in the first quarter of financial 2024, ended June 24, grew 14% to GBP1.32 billion from GBP1.16 billion a year prior. B&M notes this was in line with its internal expectations.
Revenue for the UK division rose by 11% to GBP1.07 billion from GBP957 million the year before. This was driven by "consistently strong and positive" like-for-like transaction numbers, B&M explained, reporting a like-for-like revenue growth of 9.2% compared to a 9.1% decline in the first quarter of financial 2023.
As for the Heron Foods division, revenue increased by 19% to GBP135 million from GBP113 million, while B&M France posted a revenue of GBP117 million, up 29% from GBP91 million the previous year.
Looking ahead, B&M said it is well positioned to start its transition into the autumn and winter season.
Chief Executive Officer Alex Russo said: "Our strong trading momentum demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail standards."
Shares in B&M were down 6.6% at 551.83 pence each in London on Thursday morning, making it the worst performer in the FTSE 100.
By Sabrina Penty, Alliance News reporter
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