Iconic discount retailer B&M is forging ahead with ambitious expansion plans, announcing the opening of 45 new stores across the UK in the year ahead—even as it grapples with a dip in like-for-like sales at home.

In the 12 months to 29 March, the retailer reported a 3.1% drop in like-for-like UK sales, falling to £4.5 billion. Sales were also down 2.4% in the final quarter. However, group-wide performance painted a more positive picture, with total sales rising by 3.7% to £5.6 billion. This growth was driven by newly opened stores and a strong trading performance in B&M’s French arm, which helped offset the softer results in the UK market.

B&M’s garden, toys, paint and stationery categories helped underpin its UK performance, while the fast-moving consumer goods (FMCG) segment experienced a decline in like-for-like sales—though it still saw gains in overall value and volume. The company has said steps are being taken to boost performance in this category.

Undeterred by the sales slowdown, B&M said its 45 new stores opened over the past year are performing in line with expectations and delivering strong returns—prompting the company to commit to another 45 openings in the year ahead. The new stores are expected to target high-footfall areas such as retail parks and under-served smaller towns, where demand for discount retail remains strong.

The company’s group adjusted EBITDA is forecast to land above the midpoint of its £605m to £625m guidance range.

Meanwhile, B&M’s board is progressing in its search for a new chief executive to replace Alex Russo, who will retire at the end of the month. An announcement on his successor is expected in the coming weeks.

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