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B&M Share Price Just Hit a Record High. Here’s Why

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Nigel F

Shares of B&M European Value Retail SA (LON: BME) soared 5% today to record a new all-time high.

The basic homewares retailer raised its profit forecast after seeings its like-for-like sales jump by 19% in the UK. Revenue surged 25.3% in the six months ending 26 September with 23% like-for-like improvement.

“Our group has performed well in the first half. Our business model is proving well-attuned to the evolving needs of customers, given our combination of everyday value across a broad range of product categories being sold at convenient out-of-town locations,” Simon Arora, chief executive, said.

Profit estimates have been upgraded to £285 million, higher than a previous estimate of £250-270 million. As a result, the company is speeding up the process of store opening as it now projects 40 to 45 new UK stores to open this year.

B&M European Value Retail share price soars on higher sales September 2020

B&M share price rose 5% to trade at a new record high of 516.2p. Shares are now up over 100% since the lockdown measures were first introduced in March.

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Nigel F
Nigel F
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Nigels tiefes Verständnis der Finanzmärkte basiert auf über 10 Jahren Erfahrung. Nigel wurde bisher zweimal von der FCA (Financial Conduct Authority) autorisiert und hat in der letzten Zeit eine Finanz-Brokerage Firma besessen und verkauft. Er liefert hochaktuelle Analysen und Einsichten in die Finanzmärkte und in die allgemeine Wirtschafts- und Währungspolitik des Vereinigten Königreichs, der USA, Europas und Asiens.