LONDON (Reuters) - British discount retailer B&M European Value (BMEB.L) reported a 25 percent rise in full-year profit on Wednesday, saying its cheaper offer was winning over customers in a difficult economic environment.
The fast-growing company, which finished the year with 576 B&M stores, reported profit before tax of 229.3 million pounds for the 53 weeks to end-March on sales of 2.98 billion pounds, up 22.4 percent.
It said categories such as food and groceries, DIY and pet care performed well, but cold weather in March hit demand for its new 2018 spring and summer ranges, taking the shine off what would have been a very strong second half.
The company, which also has a German business, said its British stores B&M in the UK, have delivered a “pleasing trading performance” in the early weeks of the new financial year.
Excluding the Easter week, it said its UK like-for-like revenue grew 3.1 percent in the first eight weeks of the year.
“Whilst there are five weeks still to go to the end of the period, we are confident of a solid outcome for the quarter,” the company said.
Reporting by Paul Sandle; editing by Kate Holton and Sarah Young