Value Retailer B&M Beats Lockdown Peak Profits with Expansion Plans

  • B&M beats lockdown peak due to new store openings and increased demand for value offer
  • Pre-tax profits up 14% to £498m, sales up 10% to £5.48bn
  • Plans to open at least 45 new stores in the UK this year
  • Adjusted EBITDA exceeds lockdown peak of £626m
  • Tiffany Hall to become new chair, succeeding Peter Bamford in July

B&M, the value retailer, has surpassed its lockdown peak profits thanks to new store openings and increased demand for its affordable offer. The company’s statutory pre-tax profits rose by 14% to £498m in the 53 weeks ending 25 March, up from £436m. Sales also grew by 10% to £5.48bn, driven by volume growth in its UK stores. B&M plans to open at least 45 new stores this year as part of its goal to reach 1,200 locations nationwide, currently operating 741 shops. The retailer’s adjusted EBITDA surpassed the lockdown peak of £626m. New chair Tiffany Hall will succeed Peter Bamford in July, who has been a non-executive director since 2018.

Factuality Level: 9
Factuality Justification: The article provides accurate and objective information about B&M’s financial performance, store openings, and future plans. It includes relevant details about the company’s success and growth, as well as the appointment of a new chairperson. The only minor issue is the mention of Tesco’s online marketplace, which is not directly related to B&M but serves as context for the overall retail industry.
Noise Level: 3
Noise Justification: The article provides relevant information about B&M’s financial performance and its growth strategy, including store openings and sales figures. It also mentions the appointment of a new chairperson. However, it briefly diverts into mentioning Tesco’s online marketplace launch without providing significant context or analysis.
Financial Relevance: Yes
Financial Markets Impacted: B&M Retail Ltd.
Financial Rating Justification: The article discusses the financial performance of B&M, a value retailer, and its plans for new store openings, which impacts the company’s financial markets and operations.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the article.

Reported publicly: www.retailgazette.co.uk