B&M enjoys double-digit sales in the Q3 run-up to Christmas
B&M’s ‘Golden Quarter’ trading period was a bright one as the UK-based European variety value retailer turned in a healthy double-digit sales rise.
On Thursday, the company — which sells food, general merchandise, a limited clothing and footwear range, and beauty products — said its 13-week Q3 to 24 December saw group revenue from its 1,333 stores, rising 12.3% year-on-year to £1.57 billion..
Total B&M UK chain revenue from 705 stores for the quarter also rose 10.3%, with like-for-like revenue increasing 6.4%.
It said customer transaction numbers “remained strong and positive” with a “very good performance” across all B&M UK categories, and “excellent” sell-through in key general merchandise ranges, including beauty and apparel/accessories “supporting improved gross margin performance”.
It also said stock disciplines “remained robust”, allowing stock reduction of around £100 million year on a year-on-year basis.
Fiscal 2023 group adjusted EBITDA (on a pre-IFRS16 basis) is now expected to be in a range of £560 million-£580 million, ahead of current analysts' consensus estimate of £557 million.
Chief executive Alex Russo said B&M’s strong momentum across the businesses “demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail execution. Despite the challenging macroeconomic environment… the business has exited the quarter well and will remain focused on disciplined execution.”
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