B&M has reported total group revenues of £4.98bn for the year to 25 March ’23 which is 6.6 per cent more than it achieved for 2021/22. A total of 21 new stores were added to the chain during the period, with 15 closing or relocating. B&M’s results are considerably better than those for the variety/discount Wilko chain with which it competes, largely due, we surmise, to B&M’s lower cost primarily out of town larger store locations.
Recently recruited CEO Alejandro Russo commented: “FY23 has been another year of strong underlying progress for B&M and the long-term future looks very positive. It has also been a year of planned management transition. Simon Arora has stepped down after 19 years of leading this business and we thank him and wish him well for the future.
“B&M has many years of profitable growth ahead, to be delivered through our four channels of growth – existing B&M UK stores, new B&M UK stores, France and Heron – and in delivering this growth, B&M will generate cash and compound earnings growth for our shareholders. We are actively responding to the short-term pressure on consumers from the cost of living crisis, with a relentless focus on price and value.”
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