B&M to open 45 new stores over the next year in boost for UK high street

B&M plans to open more new stores

B&M plans to open “not less than” 45 new stores across the UK over the next two years.

The discount retailer’s owner, B&M European Value Retail, published its latest financial update today. The update on the year to March 30 revealed that the group’s revenues for the year stood at £5.5billion – up 10.1% on the year before. B&M’s UK business reported an 8.5% increase in sales sitting at £4.4billion.

The results also revealed the high street chain’s plans to open a further 45 new B&M stores over the next two years. This comes on top of the 47 that was opened in the last year – two more than the 45 planned. B&M has not revealed any further plans for the 45 new stores so we do not know where they could potentially be or when they could open.

A lot of the new B&M stores recently opened have been in former Wilko sites which the retailer bought from the chain in September last year when it fell into administration. Overall B&M bought 51 old Wilko sites and in today’s update the discount retailer said all the former Wilko site stores were performing “ahead of expectations”. B&M Bargains has more than 700 UK stores, with more than 100 in France, as well as 319 Heron Foods/B&M Express stores.

In a statement published in its results, B&M chief executive Alex Russo said: “The group has performed well in the year delivering strong operational execution. We serve our customers through a relentless focus on everyday low prices, great product ranges and excellence in operational standards. This delivers profitable, cash generating growth for our shareholders.

“The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years and our French and Heron businesses continue to demonstrate significant profitable growth potential.”

The group said it was expecting its annual profits to be at the top-end of its previous guidance. Adjusted earnings, excluding costs like interest and and tax, are predicted to be £629million, which would be nearly a tenth higher than the year. before Revenue growth also benefited from an extra week of trading in the financial year, as well as Easter being celebrated earlier.