In recent weeks, all three fascias of our company have experienced strong and profitable trading momentum. We are pleased to report a total group revenue growth in Q1 of 13.5%, in line with our internal expectations.
Both our grocery and general merchandise categories have performed exceptionally well, with a year-on-year increase of 9.2%.
We are excited to announce that our interim financial results for the 26 weeks ending 23 September 2023 will be published on 9 November 2023.
Julie Palmer, partner at business recovery specialist Begbies Traynor, highlights the positive impact of the cost-of-living crisis on our business. She states, “Discount retailer B&M is reaping the benefits of being perfectly positioned to cater to increasingly hard-pressed consumers looking for bargains.”
Furthermore, Palmer emphasizes that our first-quarter sales have shown a significant uplift of almost 10% on a like-for-like basis, while many other retailers struggle. This trend underscores the fact that shoppers are opting to trade down.
As the economic environment becomes more challenging, with rising food prices, shoppers who may have previously overlooked B&M are realizing the value of our “pile-it-high, sell-it-cheap” approach.
Moreover, our stores are benefiting from a return to normalcy in global supply chains. Our “disruptive” strategy of sourcing many of our wares from China allows us to secure the best deals and stock our shelves abundantly.
Although we operate more than 1,000 stores across the UK, B&M is not as widely recognized as many other retailers. However, we anticipate this changing as the cost-of-living crisis persists.
