More than 24,000 B&M workers to get bonus after bumper Christmas
The discount retailer said full-year profits are now set to come in at between £605 million to £625 million thanks to surging sales.
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Your support makes all the difference.More than 24,000 staff at discount retailer B&M are to get an extra week’s wage for their “considerable efforts” as the group hiked its profit outlook thanks to strong festive trading.
Employees at the group will get the bonus payment this month, B&M said.
Details of the payout came as B&M said full-year profits are now set to come in at between £605 million to £625 million, ahead of the £578 million previously expected.
The firm cheered a 14% jump in sales against pre-pandemic levels two years ago in its third quarter to December 25.
On a year-on-year basis, like-for-like sales were 6.2% lower.
Our decision to take receipt of imported Christmas stock early in the season meant we were able to provide customers with great products at great prices
It said festive trading was boosted by efforts to take delivery of imported stock earlier than normal to avoid disruption ahead of Christmas.
Simon Arora, chief executive at B&M, said this helped it deliver a “very strong golden quarter”.
“Our decision to take receipt of imported Christmas stock early in the season meant we were able to provide customers with great products at great prices,” he said.
He added that despite ongoing supply chain disruption and cost pressures, “our relentless focus on value-for-money remains undiminished”.
B&M had said in November that it was fully stocked for the key Christmas period thanks to early buying efforts.
The group has 693 stores across the UK under the B&M brand, as well as 310 Heron Foods and B&M Express outlets.
It also has 107 stores in France under the Babou and B&M brands.
It opened another nine new B&M stores in the UK over its third quarter, but closed two and expects to launch another 13 before the end of the financial year.