B&M European expects to meet annual targets after solid first quarter

17th Jul 2015 09:02

(ShareCast News) - Discount retailer B&M European Value Retail said it expects to meet its annual targets after a solid performance in the first quarter of its financial year.The group, which has operations across UK and Germany, reported a 24.4% increase in year-on-year in group sales revenue to £456.6m in the three months to 27 June.However, the growth rate was inferior to the 31.9% the company had posted in the corresponding period in 2014.On a constant currency basis, revenue rose 25.3% year-on-year, although that was a slower pace compared to the 31.9% growth rate registered 12 months ago.UK business' sales revenue jumped 22.8% year-on-year to £418.8m, while like-for-like sales grew 1.1%, slower than the 6% increase it posted in 2014.The group said at the end of the quarter it had 450 stores trading in the UK, after opening 25 net new stores over the last 13 weeks, against the context of its UK store target of 850 stores."We have opened 25 stores in just 13 weeks, which is a record rate of openings, and testament to the hard work and dedication of our colleagues," said group chief executive Simon Arora."As consumer spending improves, it is apparent that shoppers remain keen to spend with value retailers and we continue to win market share."B&M shares were up 2.07% to 347.05p at 0846 on Friday.