Budget retailer B&M has unveiled plans to launch hundreds of new stores across the UK, following a surge in annual sales as consumers sought out bargains.
B&M European Value Retail, which offers a variety of household goods, DIY supplies, food and clothing, stated that the past year marked a significant milestone in its ambitious expansion strategy.
The company reported a 10 percent increase in total group revenues for the year ending in March, compared to the previous year.
On a like-for-like basis, which excludes the impact of new store openings, UK sales saw a 3.7 percent rise compared to 2023.
B&M attributed this growth to an increase in sales volume indicating more products were purchased and its competitive pricing strategy.
The firm’s annual pre-tax profit reached £498 million, marking a 14 percent increase from the £436 million reported last year.
B&M highlighted its “strict cost control” measures across all areas of the business, including its head office size and warehouses, as a key factor in boosting profits.
The retailer aims to eventually open at least 1,200 stores nationwide, up from its previous target of 950.
Currently, B&M operates 741 UK stores and launched 47 new locations in the most recent financial year.
Chief Executive Alex Russo commented on the success of the new stores, the continued growth in volume and improved sales densities, stating: “The success of our new stores, our continued volume growth and improved sales densities show that we are as competitive as ever and we have plenty of runway ahead,”.
He added: “We are well set for the year ahead,” with the company maintaining a “laser focus on low prices”.
