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Discount retailer B&M sees profits almost double
StockMarketWire.com
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Discount retailer B&M European Value Retail, reported a 95% rise in first half core earnings as its low prices and out-of-town stores chimed with consumers during the Covid-19 pandemic.
B&M, which entered the FTSE 100 index in September, sells everything from homewares and toys to electrical goods and food, said it made adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of £295.6 million in the six months to 26 September, versus the £151.4 million reported in the same period last year.
Revenue increased 25.3% to £2.24 billion, the company said. Like-for-like sales at B&M's UK stores were allowed to stay open through lockdowns because they sell some food, fuelling a 23% hike during the half.
While the company did say that it anticipated a slowing of UK growth in the second six months to end March despite the likely bumper sales in the run-up to Christmas, it did confirm that so far sales had roughly tracked first half levels.
B&M plans to continue its rapid expansion with 40 to 50 new stores expected to open their doors this year, with around 10 underperforming outlets expected to shut.
At 8:40am: (LON:BME) BM European Value Retail S.A. share price was -5.35p at 496.05p
Story provided by StockMarketWire.com
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