Discount retailer B&M has reported a sharp rise in third quarter sales, helped by record Christmas trading.
B&M, which sells everything from electronics to toiletries and household consumer goods like toiletries and food items, posted a 22.7 per cent rise in sales to £969.8 million (€1.1 billion) in the 13 weeks to December 23rd, with like-for-like sales growing 3.9 per cent.
The group, which has 30 outlets in the North, said that the stellar performance reflects its new store opening programme, with 19 outlets added in the period.
Soaring inflation caused by the collapse of the Brexit-hit pound has pushed up the price of everyday items for hard-pressed shoppers and, in these conditions, B&M has thrived.
Boss Simon Arora said: "B&M continues to go from strength to strength. Despite the demanding comparatives from the very strong Christmas in 2016, our buying, supply chain and retail teams achieved another outstanding performance this year by doing what we do best, which is delivering great value for customers week-in, week-out."
B&M said it is confident that the group will meet market expectations for earnings in the year to March.
Last year B&M, which is chaired by former Tesco boss Sir Terry Leahy and mainly sells general merchandise, spent £152 million to take over Heron Food Group.
B&M wants to expand the 250-plus convenience store chain, predominantly found in the north of England, through the addition of between 10 and 20 new sites per year.
- PA
