THE COMPLETE HOME FURNISHER

Furniture sales show strong growth

Discount homewares retailer B&M has reported a growth in sales as furniture shows ‘strong growth’.

According to its latest trading update for the 26 weeks to 29 September 2019, total B&M UK half-year sales rose 13.8% £1.2bn, with like-for-like sales up 3.7%.

B&M said that growth has been driven by the continued successful execution of its new store opening programme, with 25 net new stores opened in the first half of the financial year and the annualisation of the net 44 new stores opened in FY2019.

Furthermore, it added that it has ‘seen strong growth in some general merchandise categories, most notably in homewares and indoor furniture’.

Group revenues increased by +12.4% to £1.7bn, while adjusted profit before tax decreased by 2.8% to £96m.

Simon Arora, Chief Executive, said: “We have delivered a solid overall first half performance driven by our core B&M UK stores business which constitutes 86% of Group sales. Our existing stores performed consistently well through the last two quarters, generating half year LFL3 of 3.7%.

“The current crop of new stores also achieved especially strong results. The core business has made a solid start to the second half of the financial year. Heron Foods has continued to grow in the UK and we remain very pleased with the overall progress of that business.

“We are well placed for the golden quarter in our main B&M UK stores business. Despite the continued uncertainty in the economic environment generally, we are very proud to say that each of the top five store opening days in our history have all been in stores we have opened in the last 12 months.”

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