January 8, 2022

B&M Reports Increase in Revenue as UK Store Expansion Continues – Toy World Magazine

With nine new stores in the UK opened in the last quarter, 13 more B&M stores are planned before the end of fiscal 2022.

B&M has shown growing revenue from pre-Covid levels, and the company has raised its revenue expectations as well.

The company said revenue was up 14% from pre-pandemic third-quarter benchmarks, for the 13 weeks from September 26 to December 25, 2021.

In a third-quarter business update released this week, the retailer reported group revenue growth of 0.1% year-on-year at constant exchange rates. Total UK revenue for the third quarter is down 2.5% year-over-year, while year-over-year like-for-like revenue is down 6, 2%.

This follows a series of encouraging half-year results, released in November.

The retailer announced the opening of nine new stores in the UK in the last quarter, while two have closed. He said he plans to open 13 more stores before the end of fiscal 2022.

Simon Arora, managing director of B&M, said the positive results were evidence of “strong retention of new customers” and said the company’s decision to take delivery of imported Christmas stocks early in the season has given him made it possible to provide customers with excellent products at unbeatable prices. . He added: “The consistent performance in B&M UK’s core business reflects the growing attractiveness of our stores as a visiting destination for seasonal products, as well as the strength of our supply chain. “

Simon also said the holiday season was the brand’s “best Christmas ever” and thanked its 24,000 employees, who will receive a discretionary bonus of one extra week of pay in January.

As he pointed out last month, Simon said the pandemic still created “challenges for retailers and consumers” including “continued supply chain disruption, inflationary pressures and the uncertainty surrounding d ‘possible Covid-related restrictions,’ but added that B&M remained confident about the outlook for 2022.


Source link