B&M (LSE: BME) said it expects full-year adjusted profit to come in at the top end of its guidance range after the discount retailer reported a 10% rise in group revenue for the 53 weeks ended March 30.
Total revenue hit £5.5 billion for the period. B&M’s core UK business saw an 8.5% increase to £4.41 billion, while revenue in France jumped 19% to £514 million. Heron Foods, the frozen foods arm, posted a 15% lift to £560 million.
The company highlighted positive like-for-like sales and volume growth over the year, aided by an extra trading week and the early timing of Easter.
Adjusted EBITDA is forecast to rise 9.8% to £629 million, at the top of the £620-630 million guidance range previously provided. This compares to £573 million a year earlier.
B&M opened 47 new UK stores in the period, two more than initially guided, with the new outlets trading in line with expectations so far.
Shares in B&M fell 2.6% in early trading on Tuesday despite the upbeat outlook, leaving them down 11% year-to-date.
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