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Gloucestershire Business News

B&M sees sales rise but profits drop

Discount retailer B&M has seen sales reach nearly £5billion as shoppers react to the cost-of-living crisis.

However, the brand which has a stores in Cheltenham and Gloucester, posted a drop in full-year profits, as it battled with its own set of rising cost pressures.

Pre-tax profits for the value retailer fell 17% to £436m, down from £525m, in the year to 25 March 2023.

Group sales edged up 6.6% over the period to £4.98bn, which was 30.7% ahead of pre-pandemic levels.

UK revenue increased 4% year on year, with like-for-like sales up 8.3% in the first nine weeks of the new financial year.

Alejandro Russo, chief executive of B&M, said the dip in profits were party due to "major economic headwinds and material cost pressures", but that the retailer had "weathered the difficult environment well".

He said: ""FY23 has been another year of strong underlying progress for B&M and the long-term future looks very positive.

"We are actively responding to the short-term pressure on consumers from the cost-of-living crisis, with a relentless focus on price and value.

"We expect to grow sales and profits in FY24, despite economic uncertainty."

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