Value retailer grows Q3 sales

Value retailer B&M has reported a growth in third quarter sales as it awards staff for their efforts as demand soared.

According to its latest trading update for the 13 week period to 26 December 2020, total group sales rose 22.5% to £1.3bn.

B&M UK stores saw revenue growth of +26.6% to £1.2bn, including like-for-like growth of +21.1% in the quarter.

The B&M UK business now has 673 stores, having opened 18 gross new stores in Q3, offset by two closures, helping to create over 500 new jobs.

The business remains “on track” to open a further 18 stores in Q4 and so 45 gross new stores this financial year, offset by 10 closures. The pipeline for FY22 continues to look “healthy”.

Simon Arora, Chief Executive, said: “Our trading performance is testament to the hard work and commitment of all our colleagues, to whom I express my sincere thanks. The safety and wellbeing of our customers and colleagues has remained our priority during these unprecedented times, whilst we have worked hard to provide customers with the everyday essentials they need. We are awarding some 30,000 store and distribution colleagues an extra week’s wages in recognition of their considerable efforts.

“Notwithstanding our status as an essential retailer, with lockdown restrictions in the UK having tightened there remain uncertainties ahead. With our combination of exceptional value and convenient Out of Town locations, we are confident that our business model will prove highly relevant to the needs of customers in 2021.”