Budget retailer B&M enjoys higher sales after opening nearly 50 new stores

Budget retailer B&M is planning to roll out hundreds of new stores across the UK after seeing its yearly sales grow as cash-squeezed consumers hunted for deals.

B&M European Value Retail, which sells a range of household products, DIY, food and clothing, said the past year was a turning point in its ambitious expansion plans.

Total group revenues jumped by a 10th in the year to the end of March, compared with the previous year, the company reported.

On a like-for-like basis, which strips out the impact of new store openings, sales across the UK increased by 3.7% versus 2023.

B&M said this was driven by a higher volume of sales – meaning more products were bought – and its competitive pricing.

The group’s annual pre-tax profit was £498 million, up 14% from the £436 million reported last year.

B&M said it had “strict cost control” across the business, including its head office size and warehouses, which had helped improve profits.

The chain is targeting opening at least 1,200 stores in the country over time, up from its previous target of 950.

It currently has 741 UK stores and opened 47 new sites in the latest financial year.

“The success of our new stores, our continued volume growth and improved sales densities show that we are as competitive as ever and we have plenty of runway ahead,” chief executive Alex Russo said.

“We are well set for the year ahead,” he added, with the firm maintaining a “laser focus on low prices”.