B&M European Value Retail S.A.has recently shared its financial achievements for the third quarter (Q3) of the financial year 2024 (FY24). The report covers the 13-week period from 24 September 2023 to 23 December 2023, showcasing a significant growth trajectory for the company.
Key financial highlights indicate a notable increase in group revenue, marking a 5.0% year-on-year growth, reaching £1,645m. The cumulative growth for the quarter year-to-date (Q3 YTD) stands at an impressive 8.1% compared to the previous year, amounting to £4,194m on a constant currency basis. Furthermore, B&M UK has experienced a like-for-like revenue growth of 1.2% in the 14 weeks leading up to 30 December 2023. This growth is particularly commendable given the strong performance in the previous year and has been attributed to a rise in transaction numbers.
The company’s success in the quarter is partly due to the excellent performance in general merchandise volumes, leading to high sales participation and effective sell-through. This has resulted in a stable year-on-year group inventory position. Alongside these achievements, B&M is on track to inaugurate 76 new stores across the Group in FY24, which includes 45 in B&M UK, 11 in B&M France, and 20 in Heron Foods.
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Alex Russo, the Chief Executive of B&M, commented on the company’s performance, stating, “The performance across the Golden Quarter has been pleasing, with strong operational execution across the three businesses. Our strategy remains unchanged – we are an everyday low-price discounter with a laser-focus in keeping excellence in retail standards and our costs the lowest. This allows us to provide our products at the best price to all customers – many of whom continue to face significant cost-of-living pressures.”
