UK discounter B&M profit up 10%, boosted by new store openings

UK discounter B&M profit up 10%, boosted by new store openings

LONDON (Reuters) – British discount chain B&M on Wednesday met expectations with a 9.7% rise in full-year profit, reflecting a similar rise in revenue that was boosted by 78 new store openings.

The FTSE 100 retailer, which sells everything from garden furniture and electrical items to toys and food, made year to March 30 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), its key profit measure, of 629 million pounds ($803 million) – in line with guidance issued in April.

($1 = 0.7831 pounds)

(Reporting by James Davey; editing by Sarah Young)