202324 revenue up 10.1 to 5.5 bln stg
Expects adjusted EBITDA of 629 mln stg, up 9.8
Opened 47 new BM UK stores in 202324
To open at least 45 stores in each of the next two years

LONDON, April 16 Reuters British discount chain BM on Tuesday forecast a 9.8 increase in fullyear profit at the top end of its guidance as it reported a 10 rise in revenue helped by new store openings.

The FTSE 100 retailer, which sells everything from garden furniture and electrical items to toys and food, said it expected to report adjusted EBITDA, its key profit measure, of 629 million pounds 782 million for the year that ended March 30 on revenue of 5.5 billion.

That is at the top end of its guidance of 620630 million pounds and above the 573 million pounds it made in 202223.

The group, whose stock market value of about 5 billion pounds is similar to that of Marks Spencer, opened 47 BM UK stores in 202324 and plans to open not less than 45 in each of the next two financial years.

It currently trades from 741 stores in the UK under the BM brand, 335 stores under the Heron Foods and BM Express brands, and from 124 stores in France.

The group said BM UK39;s likeforlike sales were up 2.9 in the fourth quarter.

Though that was an improvement on third quarter growth of 1.2, the outcome benefited from an early Easter and was a touch short of analysts39; consensus expectations.

Shares in BM were down 2.5 in early trading, with analysts also saying the market had anticipated a strong…