StockMarketWire.com - Discount retailer B&M said Thursday it had made a 'strong' start to the new financial year, but reported slower UK like-for-like growth in the fiscal first quarter.

For 1 April 2018 to 30 June 2018, sales revenue for the quarter increased by 21.4% to £796.3m, on a constant currency basis, from £656.3m the previous year.

B&M UK sales revenue for the 13 week period increased 8.3% to £648.3m, but like-for-like sales growth was just 1.6% in the quarter, slower than the 7.3% growth seen the same period a year ago.

Heron Foods, contributed £86.1m of revenue in the quarter, the company said.

In Germany, trading in the quarter had been positive on a like-for-like basis, supported by good performance in gardening and plant ranges.

The B&M UK business expects to open at least 45 net new stores in current financial year.



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