Shares of Liverpool-based FTSE 100 firm B&M European Value Retail rose about 4% after it published a trading update for the first quarter of its current financial year (FY25) relating to the 13 week period from March 31, 2024 to June 29, 2024.

B&M said group revenues increased 2.4% to £1.345 billion “driven by volume and a disciplined store opening programme across the three businesses.”

The group said “strong, profitable progress” was made on B&M UK store openings, with 19 gross stores opened in Q1, and on track for 45 gross new store openings in the year.

All stores opened since last year are performing ahead of expectations, B&M said.

However, B&M also said its UK like-for-like sales fell 3.5% “excluding the Easter YoY timing impact of (1.6)% in Q1.”

B&M said this was “against exceptionally strong comparatives of +9.2% in Q1 of last year and unseasonal weather in April and May this year.”

As at June 29, 2024, B&M had 755 stores in the UK operating under the B&M brand, 335 stores under the Heron Foods and B&M Express brands, and 126 stores in France also operating under the B&M brand.

Alex Russo, B&M CEO, said: “The growth fundamentals of our business are strong, with a highly disciplined approach on pricing, product and high operational standards.

“We continue to offer our customers exceptional value at a time when household incomes are under pressure.

“Ahead of Q2, we have launched our Everyday Value range with more than 500 new lines in core categories across home, electrical and pet in the UK and France.

“As we transition towards Autumn/Winter in the months ahead, our relentless focus on Everyday Low Price and Everyday Low Cost will ensure we continue to serve our customers well.”