Discount retailer B&M is "fully stocked" heading into Christmas as it shrugged off supply chain issues impacting the retail sector.
In an update to the London Stock Exchange, the Liverpool-headquartered group's chief executive hailed it's performance during the first half of its financial year and said it is "well placed" going into the 'Golden Quarter'.
The firm has posted a total group revenue of £2.268bn for the six months to September 25, 2021, up from £2.242bn.
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B&M UK's sales increased from £1.885bn to £1.909bn while Heron Foods' slipped from £216.2m to £203.1m.
The group's French sales rose by more than 10% from £140.6m to £155.4m.
B&M has also reported group pre-tax profits of £241.3m, up from £235.6m.
The group added that it faced "more challenging trading conditions" in Heron Foods as average transaction values for grocery shopping normalise to pre-pandemic levels, but it also said there had been "satisfactory earnings through careful cost control and cash discipline", reports BusinessLive.
During the six months, a gross 14 new B&M stores opened in the UK while nine closed.
It also said there had been "strong strategic and financial progress" in France, with 100 out of 104 stores trading as B&M and adjusted EBITDA of £11.4m, up from £2.7m.
The interim results come as B&M's largest shareholder, LA-based The Capital Group of Companies, almost doubled its stake from 5.25% to more than 10%, according to documents filed with the London Stock Exchange.
The company also told investors it has deliberately taken delivery of imported general merchandise items earlier than normal to avoid disruption ahead of Christmas.
Chief executive Simon Arora said: "The group has performed strongly throughout the first half of our financial year, with customers continuing to be drawn to our value for money offer.
"We have responded decisively to supply chain challenges by leveraging our strong supplier relationships and we have improved in-store execution.
"As a consequence, we are fully stocked heading into the Golden Quarter, with stores already showcasing our excellent Christmas ranges.
"To colleagues across the group, I express my gratitude for their dedication, skill and commitment, which have made these results possible.
"Although the pathway to a 'new normal' remains uncertain and the industry faces a number of supply and inflationary pressures as we enter the second half of the financial year, we are very confident that the B&M Group is well positioned to navigate these and will continue to be successful both in the UK and in France."
