Value retailer B&M has reported a growth in sales and profit as new stores contributed to its positive performance.

According to its latest update for the 53-week financial reporting period to 30 March 2024, total group revenues reached £5.5bn, increasing by 10.1%, underpinned by volume growth and positive like-for-like (LFL) performance.

Group revenue growth also benefitted from the extra week of trading and early Easter timing, which will not be repeated in FY25.

B&M UK Q4 LFL was 2.9% in the 14-week period to 30 March 2024. This was driven by strong volume performance across both FMCG and general merchandise. FY24 B&M UK LFL was 3.7%, driven by increased customer transaction numbers. Total sales for B&M UK stood at £4.4bn, up 8.5%.

During the period, the group opened 47 B&M UK new stores, two ahead of previous guidance. The openings are “trading well”, including those Wilko stores acquired in the year, which are performing “ahead of expectations”.

FY24 Group adjusted EBITDA is expected to be £629m, at the top end of its £620m-£630m guidance range. This is a 9.8% increase versus FY23’s result of £573m.

Alex Russo, Chief Executive, said: “The Group has performed well in the year delivering strong operational execution. We serve our customers through a relentless focus on everyday low prices (EDLP), great product ranges and excellence in operational standards. This delivers profitable, cash generating growth for our shareholders.

“The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years and our French and Heron businesses continue to demonstrate significant profitable growth potential.”