LONDON (Reuters) -British discount chain B&M on Tuesday forecast a 9.8% increase in full-year profit at the top end of its guidance as it reported a 10% rise in revenue that partly reflected new store openings.
The retailer, which sells everything from garden furniture and electrical items to toys and food, said it expected to report adjusted EBITDA, its key profit measure, of 629 million pounds ($782 million) for the year to March 30, 2024.
That compares with guidance of 620-630 million pounds and 573 million pounds made in 2022/23. Revenue was 5.5 billion pounds.
The group, whose stock market value of 5.1 billion pounds is similar to that of Marks & Spencer (OTC:), opened 47 B&M UK stores in 2023/24 and plans to open not less than 45 in each of the next two financial years.
It currently trades from 741 stores in the UK under the B&M brand, 335 stores under the Heron Foods and B&M Express brands, and 124 stores in France.
The group said B&M UK’s like-for-like sales were up 2.9% in the fourth quarter and up 3.7% over the full year.
($1 = 0.8042 pounds)
