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B&M European Value Retail SA on Thursday said strong, profitable momentum across all regions boosted its quarterly revenue. The Luxembourg-based variety goods value retailer said total revenue in the first quarter of financial 2024, ended June 24, grew 14% to £1.32 billion from £1.16 billion a year prior. B&M notes this was in line with its internal expectations. Revenue for the UK division rose by 11% to £1.07 billion from £957 million the year before. This was driven by ‘consistently strong and positive’ like-for-like transaction numbers, B&M explained, reporting a like-for-like revenue growth of 9.2% compared to a 9.1% decline in the first quarter of financial 2023. As for the Heron Foods division, revenue increased by 19% to £135 million from £113 million, while B&M France posted a revenue of £117 million, up 29% from £91 million the previous year. Looking ahead, B&M said it is well positioned to start its transition into the autumn and winter season. Chief Executive Officer Alex Russo said: ‘Our strong trading momentum demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail standards.’ Shares in B&M were down 6.6% at 551.83 pence each in London on Thursday morning, making it the worst performer in the FTSE 100. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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