B&M rides austerity UK to lift profits

● Discount retailer boosts annual earnings 25% to £229 million

physical stores are winning. The business is well placed for continued profitable, longterm growth.

“In a retail sector beset by structural challenges B&M’S unique, disruptive model stands out as a success story.”

Last year B&M, which mainly sells general merchandise and also has a German business, splashed out £152m to take over Heron Food Group, which has helped boost the latest financial figures.

“B&M has delivered another set of strong results by doing what we do best, which is providing great value week-in, week-out on the things customers buy regularly for their homes and families,” Arora added.

The company said that it opened 47 B&M UK stores in the period (39 net) and at least a further 45 net new stores are planned for this financial year “as we benefit from the availabilty of attractive new store opportunities”.

The group said Heron Foods was “proving to be an effective platform for the introduction of frozen and chilled foods into B&M”, which is now in 72 UK stores.

B&M added that a new, one million sq ft distribution centre was being built in Bedford, southern England, due to be commissioned in spring 2020.