British variety store chain B&M European Value Retail has announced a revenue increase of 10.1% for the fiscal year 2024 (FY24), reaching £5.5bn ($6.8bn).
In its FY24 post-close trading statement, the group attributed the growth in part to robust volume expansion and a positive like-for-like (LFL) performance and in part to an additional week of trading and the early timing of Easter in 2024 – a factor which will not recur in fiscal 2025.
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B&M UK contributed £4.41bn to the total revenue, while B&M France added £514m.
In the fourth quarter – the 14 weeks ending on 30 March 2024 – LFL sales for B&M UK rose by 2.9%, propelled by strong volume sales in both fast-moving consumer goods and general merchandise.
B&M UK LFL sales for the full year were up by 3.7%, driven by an increase in customer transactions.
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The group’s adjusted earnings before interest, taxes, depreciation and amortisation for the fiscal year ending 30 March 2024 are expected to hit £629m, aligning with the upper end of the forecasted range of £620m to £630m.
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By GlobalDataThis represents a 9.8% increase from fiscal 2023 and an 83.9% surge from fiscal 2020.
B&M’s strong operating cash flow and a clean inventory exit position have led to a leverage ratio below x1.2, down from x1.3 in fiscal 2023.
This financial stability was maintained even after the payment of a £201m special dividend in February 2024.
In the UK market, B&M has exceeded its store opening targets, launching 47 new stores, which includes the successful integration of acquired Wilko stores.
B&M chief executive Alex Russo said: “The group has performed well in the year, delivering strong operational execution. We serve our customers through a relentless focus on everyday low prices, great product ranges and excellence in operational standards.
“This delivers profitable, cash-generating growth for our shareholders. The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years and our French and Heron businesses continue to demonstrate significant profitable growth potential.”
