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.
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.”
Terry Clark is the Publisher and Content Director of 365 Retail, with more than a decade of experience covering retail design, technology innovations, store openings and the wider retail industry. He also works closely with leading retailers, suppliers, agencies, events and industry awards across the UK.
