UK-based variety store chain B&M has reported statutory profit before tax of £222m ($272.30m) in the first half (H1) of fiscal year (FY) 2024.

This is an increase of 10.5% from £201m in H1 FY23.

The company’s statutory operating profit increased 11.0% to £275m and its statutory operating profit margin was 10.8%, up six basis points (bps) from 10.7% in the same period a year ago.

During the period ending 23 September 2023, B&M reported total revenue of £2.54bn, up 10.4% from £2.30bn in H1 FY23.

The company’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were £269m in H1 FY24, up 16.1% from £232m in the same period last year.

Its statutory diluted earnings per share (EPS) grew by 4.2% to 16.3p, from 15.7p in H1 FY23.

The company opened 28 gross new stores in H1 FY24 and expects to open at least 125 new B&M stores in the UK over the next three years.

The retailer also raised its long-term store target to not less than 1,200, up from the previous expectation of 950.

B&M chief executive Alex Russo said: "Another strong half year has seen the Group deliver 10.4% total sales growth, 16.1% adjusted EBITDA (pre-IFRS 16) growth and £352m cash generated from operations. All four of our channels of growth are delivering strong results, underpinned by our relentless focus on low prices, cost control, simplicity in everything we do and disciplined profitable growth.

“I am delighted that many of our existing shareholders have been with us since our IPO and continue to see our long-term growth potential. With our new store number guidance (of not less than 1,200 B&M UK stores) and continued LFL growth, we have the runway to at least double our size in the UK in the medium term while France also offers sizeable long-term potential."