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B&M European Value Retail on Tuesday said it expects annual profit at the ‘top end’ of its guidance, hailing a year of ‘strong operational execution’. For the 53 weeks ended March 30, the Luxembourg-headquartered variety goods retailer said group revenue rose 10% annually to £5.5 billion. Revenue in B&M UK climbed 8.5% to £4.41 billion, in France it surged 19% to £514 million, and at Heron Foods it increased 15% to £560 million. The retailer’s Heron Foods arm largely sells frozen goods. B&M said it saw ‘volume growth and positive like-for-like’ over the course of the year, which also benefitted from an extra week and early Easter timing. It expects adjusted earnings before interest, tax, depreciation and amortisation will rise 9.8% to £629 million, the top end of its £620 million to £630 million range. This is up 9.8% from £573 million a year earlier. B&M also noted that it opened 47 B&M UK gross new stores, two ahead of previous guidance. The openings are trading well, it added. Chief Executive Alex Russo said: ‘The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years and our French and Heron businesses continue to demonstrate significant profitable growth potential.’ Shares in B&M were down 1.8% to 501.60 pence each in London early Tuesday. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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