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Retail & Consumer

B&M reports 'strong' first half revenue and profits as shoppers spend more during pandemic

The retail giant is on course to open around 45 stores by the end of the year

Bargain retailer B&M has reported a 'strong' first half revenue growth(Image: Liverpool Echo)

Bargain retailer B&M has reported a "strong" first half revenue growth, lifting its earnings guidance as customers spent more during the pandemic.

In a trading update released on Tuesday, the Merseyside-based giant reported group revenue growth in the first half to September 26 of 25.3%, with 海角视频 stores generating revenue growth of 29.5%.

First half earnings before tax is expected to be £285m - above the previously guided range of £250m-£270m.

Trading momentum at its 海角视频 stores maintained in Q2, with 19.1% like-for-like growth in the quarter and an exit rate "at a similar level".

The company said it will have between 40 and 45 more stores by the end of the year taking closures into account, with most scheduled in the fourth quarter.

Simon Arora, chief executive, said: "Our Group has performed well in the first half. 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.

"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. I thank them all for their commitment, hard work and resilience."