Time: 2024-07-23
B&M European Value Retail S.A. has provided a trading update for the first quarter of its current financial year , revealing revenue performance for its various businesses . The report covers the 13 - week period from March 31 , 2024 , to June 29 , 2024 . According to the update , B&M UK saw a revenue of 1,080 m , with a growth of 1.5 % , while B&M France recorded revenue of 126 m , showing a growth of 7.5 % . Heron Foods also achieved revenue of 139 m , with a growth of 2.7 % . Overall , the group revenues increased by 2.4 % at constant FX rates.
The growth in revenues was attributed to volume and a disciplined store opening program across the three businesses . The report highlighted strong progress in B&M UK store openings , with 19 new stores opened in Q1 , and a total of 45 new store openings expected for the year . France added 2 new stores in Q1 and is on track for 11 new stores by the end of the year . Despite challenges like unseasonal weather and timing impacts , B&M UK managed a like - for - like growth of ( 3.5 % ) in Q1.
Looking ahead , B&M is focused on providing exceptional value to customers , especially during challenging economic times . The company has launched an Everyday Value range with over 500 new product lines across various categories . As the business transitions into Autumn / Winter , the focus remains on offering Everyday Low Price and Everyday Low Cost to customers.
Investors and analysts were invited to a conference call to discuss the trading update . Two calls were scheduled , one for general investors and analysts , and another specifically for North American investors . The company also provided supplemental information regarding its sales reporting calendar , highlighting the addition of a 53rd week in the reporting calendar for FY24.
In conclusion , B&M remains optimistic about its growth prospects for the full financial year , driven by strong fundamentals and normalized comparatives . The company 's strategic focus on pricing , product range , and operational standards positions it well for continued success in the retail market . With a robust logistics network and a commitment to customer value , B&M is poised for profitable growth in the coming months.
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