B&M in the money as shoppers flock to discount chain
B&M has reported a sharp rise in full year profits as cash-strapped consumers continue to flock to the discount retailer.
The group posted a 25.4 per cent increase in pre-tax profit to £229.3 million in the year to March 31, with revenue jumping 22.4 per cent to £3 billion.
Soaring inflation caused by the collapse of the Brexit-hit pound has pushed up the price of everyday items for hard-pressed shoppers and, in these conditions, B&M has thrived.
Boss Simon Arora said: "The B&M model is highly relevant for the current difficult economic environment, with its strong position in the value and convenience areas of retailing where physical stores are winning.
"The business is well placed for continued profitable, long-term growth. In a retail sector beset by structural challenges B&M's unique, disruptive model stands out as a success story."
B&M also described first quarter trading as "pleasing", with the group booking a 3.1 per cent increase in like-for-like sales so far.
Last year B&M, which is chaired by former Tesco boss Sir Terry Leahy and mainly sells general merchandise, splashed out £152 million to take over Heron Food Group, which also boosted the group's numbers.
"B&M has delivered another set of strong results by doing what we do best, which is providing great value week-in, week-out on the things customers buy regularly for their homes and families," Mr Arora added.