Value retailer B&M has posted group revenue growth of 0.1 per cent for the third quarter of its financial year, which includes the crucial Christmas trading period.
The brand, which has no ecommerce offer, managed to keep customers coming in-store despite the rise of Omicron.
B&M credits its decision to import stock early for the festive season as key to its performance, with CEO Simon Arora calling it the retailer’s “best-ever Christmas”.
While revenue growth was down 6.2 per cent on a like-for-like basis compared to 2021, it increased by 14 per cent versus two years ago, which Arora said demonstrated “strong retention of new customers”.
Group adjusted EBITDA for the 2022 financial year is now expected to be between £605m to £625m, ahead of the £578m previously estimated.
“Our decision to take receipt of imported Christmas stock early in the season meant we were able to provide customers with great products at great prices. The consistency of performance in the core B&M UK business reflects the growing appeal of our stores as a destination visit for seasonal products, as well as the strength of our supply chain,” Arora added.
“Although the pandemic continues to create challenges for retailers and consumers alike, our relentless focus on value for money remains undiminished. Despite ongoing supply chain disruption, inflationary pressures and uncertainty surrounding possible Covid-related restrictions, we remain confident in B&M’s prospects for 2022.”
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