Shares of Liverpool-based B&M European Value Retail rose about 4% on Tuesday after it published a trading update for the first half of its current financial year to September 26, 2020.
The FTSE 100 bargain retail giant reported revenue growth of 25.3% in the first half.
“First half group adjusted EBITDA (pre-IFRS16) expected to be above the previously guided range (£250m to £270m announced on 28 July) and now estimated to be approximately £285m (before currency adjustments) …” reported B&M European Value Retail.
“Positive like-for-like sales growth at Babou in France since re-opening on 11 May 2020, with total H1 revenue of €156.8m, and a small positive EBITDA outturn for the half year despite the closure due to lockdown over the first 6 weeks …”
B&M is based in Liverpool and registered in Luxembourg — and its shares trade in London, where its stock has risen 40% in the past 12 months to give the firm a current stock market value of around £5 billion.
B&M European Value Retail CEO Simon Arora said: “Our group has performed well in the first half.
“Our business model is proving well-attuned to the evolving needs of customers, given our combination of everyday value across a broad range of product categories being sold at convenient out-of-town locations.
“Our people have risen to the many challenges posed by the COVID-19 crisis, not least in serving our customers through a period of high demand, keeping our shelves filled, providing a clean and safe shopping environment, as well as sourcing higher volumes than we had planned.”