B&M Retail to Open 11 New UK Stores

B&M European Value Retail is set to open 11 new stores in the UK, including locations in Kent, Cumbria, and Carlisle, with the first opening in Shepshed, Leicestershire on April 26. The company aims to expand to a total of 1,200 stores in the UK, building on the 45 new stores opened last year. Despite a 3.1% decline in like-for-like sales in the UK, B&M reported a 3.7% increase in group sales to £5.6 billion for the year ending March 29, driven by strong store performance and positive sales in France. B&M shares rose by 3.8% following the announcement, as the company expects its adjusted EBITDA for the year to exceed the midpoint of its £605-£625 million guidance. The company is also in the process of finding a new CEO following the resignation of Alex Russo. Overall, B&M's growth in France and effective cost management have helped mitigate challenges posed by subdued UK consumer spending.