B&M backs FY guidance, declares special dividend as Q3 sales rise 5%

(Sharecast News) - B&M European Value Retail reiterated its full-year guidance on Tuesday and declared a special dividend, as it posted a 5% jump in third-quarter sales. The discount retailer said it still expects group adjusted EBITDA of between £620m and £630m for FY24, up from £573m a year earlier.

In an update for the 13 weeks to 23 December, the company said group revenues jumped to £1.65bn. Year-to-date growth was 8.1% to £4.2bn on a constant currency basis.

It also said the board will be declaring a special dividend of 20p per ordinary share to be paid on 9 February.

Chief executive Alex Russo said: "The performance across the Golden Quarter has been pleasing, with strong operational execution across the three businesses. Our strategy remains unchanged - we are an everyday low-price discounter with a laser-focus in keeping excellence in retail standards and our costs the lowest.

"This allows us to provide our products at the best price to all customers - many of whom continue to face significant cost-of-living pressures."

He added that the store pipeline is strong and said the retailer will open at least 45 B&M UK stores in each of the next two financial years, "driving disciplined cash generating growth".