Business

B&M Bargains plans to open 45 more stores

Discount retailer B&M Bargains says it plans to open another 45 stores in its current financial year
Discount retailer B&M Bargains says it plans to open another 45 stores in its current financial year Discount retailer B&M Bargains says it plans to open another 45 stores in its current financial year

DISCOUNT retailer B&M Bargains plans to open up to 45 stores this financial year as it lifted its profit target on the back of surging sales.

Knockdown prices and spacious stores helped to drive customer traffic during the lockdown period, as its stores remained open due to essential status.

B&M European Value Retail said it plans to open between 40 and 45 stores by the end of the financial year in March, with a significant number of these coming in the fourth quarter.

The company, which currently has 20 outlets in Northern Ireland, said it has been buoyed by a "strong" first half of trading, as group revenues grew by 25.3 per cent in the six months to September 26.

This was particularly driven by 29.5 per cent growth from its UK retail stores.

It said it now expects to post earnings before tax and interest of £285 million for the half-year, ahead of its previous guidance of between £250 million and £270 million.

The retailer's chief executive Simon Arora said the group "performed well" in the first half of the year.

"Our business model is proving well-attuned to the evolving needs of customers, given our combination of everyday value across a broad range of product categories being sold at convenient out-of-town locations," he said.

"Our people have risen to the many challenges posed by the Covid-19 crisis, not least in serving our customers through a period of high demand, keeping our shelves filled, providing a clean and safe shopping environment, as well as sourcing higher volumes than we had planned."

Amisha Chohan, equity research analyst at Quilter Cheviot, said: "We believe B&M will continue to outperform peers as consumers become much more money conscious."