B&M to open dozens of stores as sales grow over the festive period

Discount retailer B&M reported a rise in sales over the Christmas period and they are on track to have opened 45 new stores in the financial year.

The B&M European Value Retail group also own Heron frozen foods chain said that in the 13 weeks to 23 December revenues increased by 5% to £1.65 billion.

The discount retailer has 717 shops reported that sales grew by 3.7% to £1.35 billion in the fourth quarter and hailed their performance as positive.

Over the quarter the company recorded 11.3% rise in revenues to £151 million and Heron foods had an increase of 11.7% to £144 million.

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Alex Russo, chief executive of the group, said, “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.

“Our store pipeline is strong and we will open not less than 45 B&M UK stores in each of the next two financial years, driving disciplined cash-generating growth.”