Liverpool-based B&M European Value Retail S.A. said on Thursday its revenue rose about 3% to £1.18 billion in its first quarter covering the 13 weeks from March 28 to June 26, 2021. 

However, B&M said like-for-like revenue at its B&M UK business fell 4.4% in the quarter as the trading update reflected tough comparisons with the same period last year when shoppers stocked up for the first Covid-19 lockdown.

“Core B&M UK fascia delivered two-year like-for-like (LFL) revenue growth of +21.3% versus pre-pandemic levels of FY20 …” said B&M.

“While it continues to be too early in FY22 to accurately predict likely revenue and profitability outcomes, the group is on track with its plans for the year and expects the two-year LFL in the core B&M UK business to remain strong.”

B&M is based in Liverpool and registered in Luxembourg — but its shares trade in London, where its stock has risen about 30% over the past 12 months to give the firm a current stock market value of around £5.5 billion.

However, B&M shares fell about 3% on Thursday.

Simon Arora, Chief Executive, said: “The group has made a strong start to the new financial year and sales remain significantly above pre-pandemic levels. 

“As expected, trading throughout the first quarter was volatile as we annualised against the high comparatives from last year.   

“Although there remains much uncertainty as to how consumer spending evolves over the coming months, we remain optimistic that our combination of exceptional value across a wide range of product categories and our convenient Out of Town locations will continue to resonate with customers.”