StockMarketWire.com - Retailer B&M European Value Retail reported a 'strong' start to new financial year as first-quarter revenue rose by more than a quarter, led by a strong performance in its UK business.

For the first quarter of its current financial year, revenue grew 27.7% to £1.15bn on-year, with B&M UK generating revenue growth of 33.7% including like-for-like growth of 26.9%, up from 3.9%.

B&M UK fascia had 656 stores trading, versus 632 trading at the end of the quarter last year, with no new stores opened in the quarter due to the impact of Covid-19.

'The LFL customer count gradually recovered over the quarter after the initial decline during lockdown, whilst the average transaction value has been at significantly elevated levels,' the company said.

Looking ahead, the company remained cautious. 'As outlined at our preliminary results for the last financial year announced on 11 June 2020, there are a great deal of uncertainties ahead,' it added.

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