Liverpool-based FTSE 100 firm B&M European Value Retail reported higher annual sales and operating profit as it opened more stores in the UK and kept a lid on costs. It provided no forward-looking guidance, unnerving some investors who sent the stock down 7% on the London Stock Exchange. 

The bargain retailer, with more than 700 stores in the UK, said group revenues rose 8% to £5.5 billion compared with the same period last year, and adjusted operating profit rose 11% to £614 million. 

The company, which also owns the Heron Foods convenience stores and has more than 100 shops in France, is aiming to hit 1,200 stores in the UK, accelerated by its purchase of 51 stores from retail chain Wilko. 

Alex Russo, Chief Executive, said: “During Q4, we accelerated our opening programme, and the step up in openings is continuing. In FY25, we will open not less than 45 gross new B&M stores in the UK, plus a meaningful number in France and for Heron. We have also raised our long-term store target to not less than 1,200 B&M UK stores, which provides a clear runway of profitable growth ahead for us, from our current base of 741 B&M UK stores.”

“We have demonstrated strong volume-led momentum in our business throughout our trading history and that has continued, driving our profits ahead of both pandemic and pre-pandemic benchmarks. Despite the more challenging comparatives, with continued new store openings, and a laser focus on low prices and best in class retail standards, we remain confident in our outlook for cash generation and profit growth.”

B&M also announced the appointment of Tiffany Hall as Non-Executive Chair of its Board of Directors, with effect from the company’s annual general meeting on 23 July. She will succeed Peter Bamford, who will retire from the board after six years in the role.

Hall was previously Chief Executive of BUPA Home Healthcare, Marketing Director at BUPA, and held senior commercial positions at British Airways.