The Courier & Advertiser (Fife Edition)
Discounter to create 5,000 new jobs as it builds UK store estate
B&M reveals plans to accelerate its UK expansion
Discount retailer B&M is to create 5,000 new jobs as it moves to accelerate its UK expansion programme with plans for an additional 100 stores.
The details were revealed as the group reported soaring full-year profits.
Pre-tax profits rose 18% to £182.9 million in the year to March 25, while revenue rocketed 19% to £2.4 billion.
Like-for-like sales in the UK increased 3.1% and B&M said it now plans to open 950 stores in the UK, up from its previous target of 850.
B&M has 537 outlets in the UK and the extra 100 stores will create around 5,000 new jobs.
The firm said trading this year had got off to an “excellent start”, adding that 40 to 50 new stores are slated to open in the UK over the next 12 months.
Chief executive Simon Arora said a faltering economy and soaring inflation eating into household budgets means B&M is well positioned to grow further.
He said: “For many commentators, the current economic uncertainty is generating concern about UK consumers and the impact on the retail sector.
“At B&M we know we are at our best when household budgets are under pressure and consumers are looking even harder at making savings.”
B&M’s chairman, Sir Terry Leahy, added: “There was a robust return of trading momentum during the second half which has continued into the early weeks of the new financial year.”
Meanwhile, sales at Pets At Home have been boosted by price reductions and the success of its veterinary service.
Pre-tax profits rose 5.8% to £95.4m in the year to March, off the back of 7.2% growth in sales to £834m.
Revenues at the veterinary arm rocketed 25% to £47m, with like-for-like sales rising 1.5% across the group.
Analyst George Salmon, of Hargreaves Lansdown, said the firm had stiff competion, adding: “Unfortunately, an even more convenient service can be found online, and this market is growing at an accelerating rate.”