Discount retailer B&M (LON: BME) reported strong interim results for the 26 weeks to 28 September 2024, resulting in its shares gaining, making it one of the top performers in the FTSE 100 on Thursday.
Investors were buoyed by its positive outlook for the Golden Quarter. B&M shares are currently up around 3.9% compared to Wednesday's close.
Group revenues increased by 3.7% to £2.64 billion, driven by volume growth. B&M UK total sales growth improved across the half, with 6% in Q2, up from 1.5% in Q1, supported by improving like-for-like sales.
Aviva's adjusted EBITDA reached £274 million, up 2% year-on-year, while adjusted operating profit was £258 million, down from £263 million in H1.
The company opened 39 gross new stores across the Group in H1.
To futureproof volume growth, B&M said a new UK imports centre will be opened in FY26 to optimise its distribution network capacity.
Alex Russo, B&M's Chief Executive, commented: “Our long-term ambition for the Group remains unchanged, in supporting customers with exceptional value. As we trade through the Golden Quarter, we are encouraged by recent volume momentum and remain focussed on delivering profitable, cash-generating growth for all of our shareholders.”
Looking ahead, growing volume momentum and broadening strength in general merchandise means B&M is confident in its outlook for the second half and the full year.
The company stated it is “well positioned for the Golden Quarter with its continued focus on price, product and standards.”
The Group expects full-year adjusted EBITDA to be in the range of £620 million to £660 million.
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