Value retail chain B&M (LON: BME) has jumped more than 1% in early Thursday trading after it posted a fiscal third-quarter trading update for the 13 weeks from September 25 to December 24.
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Following a strong period, B&M raised its FY23 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) expectations, which it now expects to be between £560 million to £580 million, ahead of current analysts’ consensus expectations of £557 million.
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As a result, B&M also intends to declare a special dividend of 20p per share to be paid on February 3, 2023.
The company, which has more than 700 stores in the UK and 113 in France, said sales rose 12.3% to £1.57 billion, with UK sales increasing 10.4%.
UK same-store sales, which remove the impact of new store openings, rose 6.4% as “customer transaction numbers remained strong and positive YoY.”
B&M said trading momentum in B&M France has continued through the third quarter, with revenue rising 24.9% year-over-year. Meanwhile, Heron Foods’ revenue was up 22.5%.
“Our strong momentum throughout the Golden Quarter across the businesses demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail execution,” commented Alex Russo, B&M Chief Executive.
“Despite the challenging macroeconomic environment, we will continue to work hard to help both existing and new customers manage the cost-of-living crisis. The business has exited the quarter well and will remain focused on disciplined execution.”
B&M’s results for the period show an increase in consumers choosing cheaper alternatives over the Christmas period as they continue to battle with soaring prices.
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