Profits dipped at discount giant B&M during its latest financial year but the retailer has forecast a rise for 2024.
The Liverpool-headquartered group, which includes Heron Foods, has posted pre-tax profits of £436m for the 12 months to March 25, 2023, down from the £525m it posted for the same period last year.
However, its revenue increased over the year from £4.6bn to £4.9bn.
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By the end of the financial year, B&M had a total of 707 stores in the UK after opening 21 and closing or relocating 15.
Sales at Heron Foods also increased by 18.1% while its adjusted EBITDA rose from £30m to £23m.
In the first nine weeks of its current financial year, B&M's like-for-like sales have risen by 8.3%.
Over the year the average number of people employed by B&M increased from 40,874 to 43,505.
Chief executive Alejandro Russo said: "FY23 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.
"A strengthened management team and the hard work of our 39,000 employees executing our unchanged strategy will help us deliver in the current financial year.
"We expect to grow sales and profits in FY24, despite economic uncertainty."
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