- Friday, April 26, 2024
By: Shilpa Sharma
DISCOUNT retailer B&M registered a slowdown in sales growth following comparisons with last summer’s lockdown, when people bought plenty of courtyard furniture the Times reported.
In the 13 weeks to June 25, the group whose full name is B&M European Value Retail saw a 3.1 per cent increase in sales, against a 21.3 per cent sales surge last year.
Similarly, sales in the UK slipped by 4.4 per cent but remained 21.3 per cent higher than pre-pandemic levels.
B&M has 684 shops in the UK, 308 Heron Foods UK stores and 105 Babou stores in France.
It benefitted from its ‘essential’ retail status which supported sales during the coronavirus lockdown.
The Arora family of Indian origin bought B&M in 2004 when it was loss making, and currently holds a 15 per cent stake in the business.
They revived the business that prompted the US private equity firm Clayton Dubilier & Rice to buy a 60 per cent stake for about £500 million in 2012.
In 2014, the business was floated in a £1.5 billion listing and its value has increased to £5.78bn.
B&M’s chief executive officer, Simon Arora, said, “As expected trading throughout the first quarter was volatile as we annualised against the high comparatives from last year.”
He said he was optimistic that shops on retail park and its range of products would continue to attract shoppers.
B&M expected its sales in UK business to remain strong compared with two years ago, the newspaper said.
