Jingle tills at B&M as shares hit new high

SHARES in discount store chain B&M hit a high yesterday as festive trading got a boost from savvy shoppers seeking gifts and decorations.

Sir Terry LeahyGETTY

Ex-Tesco boss Sir Terry Leahy is the head of B&M

The £3billion company, chaired by former Tesco boss Sir Terry Leahy, lifted sales at its 417 UK stores by a fifth to £493.8million in the three months to December 27.

Chief executive Simon Arora said: “We believe we are becoming a destination store for these important seasonal categories.”

Like-for-like turnover was up 4.5 per cent, slower than the 6.2 per cent of the previous year.

It opened 24 new stores over the period and is on course to trade from at least 50 additional stores in the UK this financial year. At least 45 new stores are earmarked for next year.

B&M, whose shares were worth 270p when it floated last June, rose 6p to 308p.

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