B&M European Value Retail SA (LSE:BME), the discount retailer, saw its profits hit the top end of guidance for the year as it expanded its store footprint and demand spiked.
Full-year underlying earnings reached £629 million, compared to guidance of between £620 million and £630 million, marking a 9.7% jump year-on-year.
It comes as 78 gross new stores were opened during the 53 weeks to March 30, with fresh sites being launched in the UK and France.
Part of this growth was helped by the collapse of rival Wilko, allowing the company to snap up 51 of the company’s old sites.
In the long term, the group expects to open no less than 1,200 B&M locations in the UK, building on its current estate of 741 stores.
Alex Russo, chief executive, said: "FY24 has been another good year for B&M. The three key components of our business - buying, logistics and retail, are working in balance and we continue to deliver excellent products at everyday low prices to our consumers.
“We have demonstrated strong volume-led momentum in our business throughout our trading history and that has continued, driving our profits ahead of both pandemic and pre-pandemic benchmarks.”
Sales during the year spiked to £5.5 billion, representing a 10.1% rise compared to 2023, driven by strong demand in both its French stores and the Heron Foods brand, with each channel’s revenues rising by 19.2% and 15.3%, respectively.
B&M has recommended a final dividend of 9.6p per share, taking the full-year total to 14.7p.
A new chairman was also announced in Tiffany Hall, who will be replacing the retiring Peter Bamford at the end of July after the company's AGM.
Bamford said: "It has been a great privilege for me to have worked with two exceptionally talented CEOs leading a business with such a distinctive entrepreneurial culture focused on delivering great products and everyday low prices to its customers."