B&M has announced plans to open 30 new stores in the UK. It comes after the retailer closed a handful of older sites, including the one in Broadwalk Shopping Centre in Bristol on March 29.
There are currently 665 B&M stores across the UK. A total of 21 new stores opened in the last year, including five relocations and 12 new garden centres, as the budget retailer hopes to hit 950 sites nationwide.
As reported by The Mirror, the news of store openings comes despite B&M recording a drop in profit as it battles rising costs. The company revealed its pre-tax profits fell 17 per cent to £436 million, down from £525 million, in the year to March 25, 2023.
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However, it saw sales of around £5 billion and shoppers turned to B&M for bargains amid the cost of living crisis. This is 5 per cent higher than the year before.
B&M also expected earnings before interest and tax to be higher than last year. 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. We expect to grow sales and profits in FY24, despite economic uncertainty."
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