Variety value retailer and housewares stockists B&M reports UK store revenue growth of 12.6% (reflecting its new store programme) and like for like growth of 3.3% in its preliminary results for the year ending March 28 2020, including an increase of 6.6% in its fourth quarter.
Homewares categories have seen “excellent year on year growth,” partly due to a rebound from lower figures in the previous financial year, but also due to range reviews, new designs and re-merchandising. B&M’s chief executive Simon Arora identifies Homewares as an area of “opportunity”, revealing that more space will be allocated to these categories when the “disruption” caused by the pandemic subsides.
Simon speculates that, in the longer term, the chain has the potential to expand to “at least 950 B&M facia stores” across the UK., recognising advantages for variety retailing in the current climate. “There is always something a household needs that can be bought quickly, cheaply and conveniently at B&M, whether it’s a light bulb, a new kettle, a jar of coffee or a tube of toothpaste,” he reflects..
Simon also notes that the possibility of retail casualties following the impact of Covid-19 might present opportunities for the value chain.
B&M reports strong trade since the end of March, with like for like figures of 22.7% to May 23. Simon states: “B&M is coming through the crisis well because the strength of the B&M proposition and the way our team has responded to those challenges.”
He highlights that B&M’s 656 UK stories are “conveniently located, easy to shop safely and have proved that they are now destinations in their own right.”
Top: Well positioned: a B&M Home Store.
