Discount retailer B&M saw its profits more than double in the six month period to September 26.
The group’s profit before tax was £235.6m for the half-year, up 122.4 per cent from £106m in the same period last year.
Despite the challenges posed by the ongoing pandemic, the group said it “performed strongly” throughout the first half of the financial year. The retailer puts this in part down to its value-led model and large out-of-town locations.
Simon Arora, chief executive at B&M said that the retailer’s business model was “well-attuned to the evolving needs of customers”.
He said: “During such challenging times, we have been proud to play an active role in supporting the communities in which we operate, having created over 1,800 new jobs across the Group during the past six months in addition to repaying the £3.7m furlough support originally received during the height of the crisis.”
The group opened 9 new B&M stores over the period, offset by 8 store closures. The retailer said it is on track to open between 40 and 45 new stores this financial year, offset by 10 closures.
And, its Heron Foods brand has continued to trade well, opening 7 new stores with 1 closure, and on track to open 20 stores, with 16 closures, this financial year.
Aside from B&M and Heron, the group operates Babou in France, which reported a total revenue of £140.6m for the six months.
Like-for-like sales growth in the B&M UK fascia is expected to “moderate” over H2, but so far in the third quarter has been at a similar level to the first half, the group notes.
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