B&M increases UK store opening target

Value retailer B&M is increasing the number of stores it plans to open in the UK during the coming months. In a trading update spanning the first half of its financial year, to 26 September, the company said revenue in its UK stores rose by almost 30%, with momentum strong during the second quarter. Profit for the six months is expected to be around £285m, up from a guided range of £250m-£270m from late July. The company said it is lifting its guidance on store openings and now expects 40-45 gross openings in the UK over the full year, most of which will be in the fourth quarter. In July it had said it would open a net 30 UK stores. The company has closed eight stores during the first half, it added, “mostly older, smaller stores”. To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette Image © B&M