Discount retailer B&M, which rivals the likes of Home Bargains and Wilko, has issued a message to customers. It comes after B&M shut a handful of older stores - some of which have since been relocated.
B&M has now announced plans to open up more stores. 30 stores are planned to open across the UK in total.
Despite recording a drop in profit as it battles with rising costs, the retailer is keen to expand. B&M currently has 665 stores and has a long-term target of 950 sites. B&M opened 21 new stores in the last financial year, including five relocations and 12 new garden centres.
Some of the new stores it plans on opening over the next 12 months will include relocations of older sites include larger retail spaces. The news of more openings comes after B&M said it expects better results in the current financial year after its profits tumbled.
B&M today revealed its pre-tax profits fell 17% to £436million, down from £525million, in the year to March 25, 2023. But the retailer saw its sales swell to nearly £5billion as shoppers turned to its stores for bargains in the face of the cost of living crisis.
This marks a rise of 6.6% compared to the year before. The company said it expects underlying earnings before interest and tax to be higher this year than it was last.
Shares rose just over 6% following the news, says the Mirror. Chief executive Alejandro Russo said: "The 2023 financial year has been another year of strong underlying progress for B&M and the long-term future looks very positive.
"It has also been a year of planned management transition. Simon Arora has stepped down after 19 years of leading this business and we thank him and wish him well for the future.
"B&M has many years of profitable growth ahead, to be delivered through our four channels of growth (existing B&M UK stores, new B&M UK stores, France and Heron) and in delivering this growth, B&M will generate cash and compound earnings growth for our shareholders. We are actively responding to the short-term pressure on consumers from the cost-of-living crisis, with a relentless focus on price and value."
He added: "We expect to grow sales and profits in FY24, despite economic uncertainty."
Which B&M stores have opened and closed this year?
Stores have closed or have been relocated include:
Castlegate Shopping Centre, Stockton - Feb 25
Maesglas Retail Park, Newport, Wales - March 4
Boucher Road, Belfast - March 26
Queens Drive Retail Park, Kilmarnock - March 26
Broadwalk Shopping Centre, Bristol - March 29
Bishop Auckland, Durham - May 5
Widnes - May 17
Burnden Retail Park store in Bolton - May 24
Six stores have opened in the following locations since the end of April, including three relaunches:
Leven (expansion) - April 29 - re-launch
Armagh (expansion) - May 5 - re-launch
Widnes - May 24
Fforestfach (Swansea) - May 26
Jarrow (major refit) - May 27 - re-launch
Fazakerley - May 31
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