Discount retailer B&M delivered record sales over the Christmas trading period, with like-for-likes up 7.2% in the three months to December 24, but has warned that prices will still rise in 2017 due to the devaluation of the pound.
Revenue at B&M was up 20% to £789.1m for the festive quarter, and 14 new stores were opened. The retailer said it was confident it would meet full-year profit forecasts.
Said managing director Simon Arora, “We have once again demonstrated the strength, relative appeal and popularity of our model at a time of uncertainty for consumers generally and continuing structural change in the retailing sector.
"We have delivered our best ever Christmas trading and served over 5.5 million customers in a single week in the UK alone as we continue to gain market share."
It was back in November that B&M first warned customers that prices would rise as the fall of the pound following the EU referendum vote begins to affect import costs. The company was able to prevent the price hike last year after hedging against currency swings, but has said it will no longer be able to do so come Spring.