LONDON (Reuters) -British discount retailer B&M reported a 13.5% rise in quarterly revenue which it said represented "strong profitable trading momentum" as shoppers continue to seek out bargains to cope with the cost-of-living crisis.
B&M, which sells everything from toys to frozen food and garden furniture, said in May that it expected core earnings for its 2023-24 financial year to be higher than the 573 million pounds ($723 million) of adjusted EBITDA it made last year.
In Britain, where it operates over 700 stores, B&M said total revenues were 11.3% higher in the 13 weeks to June 24 at 1.07 billion pounds, while sales in France, where it has about 100 stores, were up 29% to 117 million pounds.
"Our strong trading momentum demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail standards," B&M CEO Alex Russo said in a statement on Thursday.
Shares in B&M have risen over 25% in the last month, outperforming Britain's bluechip index which was flat, giving the company a market capitalisation of 6 billion pounds, bigger than Marks & Spencer which is worth 3.8 billion pounds.
($1 = 0.7921 pounds)