LONDON (ShareCast) - (Sharecast News) - B&M European Value Retail hailed a "strong" first quarter on Wednesday, with a particularly pleasing performance in the UK.

In an update for the period from 29 March to 27 June, the discount retailer said group revenue rose 27.7% to £1.15bn. Revenue at the UK business was 33.7% higher, with like-for-like growth of 26.9%, up from 3.9% in the corresponding period a year ago.

B&M said it had seen a steady recovery in the like-for-like customer count over the quarter after the initial decline during lockdown, alongside "significantly increased" average transaction value versus the prior year.

The company said its UK business has 656 stores trading, versus 632 trading at the end of the first quarter of last year, with no new stores opened in the quarter due to the impact of the coronavirus crisis.

At the French business, Babou, revenue fell to £54m from £72.6m.

Chief executive Simon Arora said: "The group has made a strong start to the financial year, with a particularly strong performance in our UK businesses, and progress now resumed in France after an eight-week closure period.

"However, as outlined at our preliminary results for the last financial year announced on 11 June 2020, there are a great deal of uncertainties ahead."

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