Newly floated discount retailer B&M Bargains has reported a 31.9% surge in sales for the 13 weeks ending 28 June.
Following its float in June, B&M reported group sales of £367m and a 22.6% increase in UK sales. Like-for-like sales growth was 6%, slightly down from the organic growth rate of 7.3% it achieved during the same quarter in 2013.
B&M stated: “The UK business has continued to grow sales well reflecting a strong like-for-like performance and the new store opening programme, with a net seven new stores opened in the quarter as planned.”
Chief executive Simon Arora said: “The group’s first-quarter trading performance has been a strong one, demonstrating the continued popularity of our unique offer. Our like-for-like performance was driven by our strong product offering, growth in the average customer transaction value and the late Easter.”
The discounter also reaffirmed full-year guidance.
B&M is one of the few 2014 retail floats still trading above its offering price. B&M’s shares were 0.6% up in early trading to 280p, 10p above its float price of 270p.