Big pandemic gains for B&M
By Sarah Wood | 1st June 2021
Discount retailer B&M is expected to reveal earnings of at least £590 million for the year to 31st March.
The homewares, garden and household chain, which has stores in Gloucester, Cheltenham and Lydney, was classed as an essential retailer and able to stay open throughout the three national lockdowns.
B&M, which also operates a large business across Europe, said it saw a big increase in new customers during the pandemic, attracted by the discount pricing, as reported by Retail Gazette.
With other retailers now open, the challenge for B&M will be hold onto to its new customers.
B&M said earnings for the year would be higher than earlier forecasts, despite its commitment to repay the government the £80 million business rates holiday it received.
Gains for the current financial year could be even higher, as the costs of keeping the business Covid-secure ease off.
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