B&M grows profit and continues store openings
Published: 15 November 2016 - Jenny Wonnacott
Fast-growing discount chain B&M has reported a 15% rise in its first half sales and has said it is expecting to meet expectations for its store opening programme.
B&M is continuing its aggressive store roll out
It aims to open 69 new stores by the end of its 2016/17 year, 50 in the UK and 19 in Germany where it is known as Jawoll. The company, which is chaired by former Tesco boss Terry Leahy, opened 20 new UK stores during the first half of the year, including its 500th store. Germany, meanwhile, saw a net 10 openings.
Group revenue was up 18.9% for the trading period.
Said chief executive Simon Arora: "We are mindful of the current economic uncertainties in the UK but given the strength of our retail model and with the full benefits now flowing from the step change investments we made last year... we are confident of meeting expectations during the remainder of this year."