Shares of B&M European Value Retail SA (LON: BME) opened nearly 10% higher this morning in London after the convenience retailer said it expects to easily beat earnings expectations for the first half of the year. As a result, the B&M stock price hit an all-time high today. 

B&M, one of UK’s fastest growing variety retailers, said it projects to report its EBITDA between £250 million – £270 million for the six months to September 26. Market analysts expected the retailer to report £208 million for the same period.

Revenue rose almost 28% to £1.15 billion in the quarter ending June 27. B&M said it witnessed an uptick in demand for gardening and do-it-yourself (DIY) products amid the lockdown measures. 

Today’s news came 4 weeks after the retailer hinted that its earnings will come well ahead of the expectations. 

Following strong performance, B&M said it will continue to focus on profitability in the UK and and to further develop its operations in France.

Last month, the retailer said it opened a net total of 36 new stores in the UK. B&M is due to report its half-year results on November 12.

B&M share price gapped as much as 9% today to print GBX485 – a new all-time high for the stock. As expected, early investors used this opportunity to collect some profits, pushing the stock lower to trade around 2% positive. 

The buyers will continue to push the stock higher as they target 127.2% Fibonacci extension at GBX493. A former all-time high at GBX440 will now act as support for the stock. 

B&M stock price gapped almost 10% higher to hit fresh record highs on expectations that the retailer will smash earnings expectations. The UK-based firm expects to report its EBITDA between £250 million – £270 million for the six months ending September 26, well ahead of market expectations of £208 million.

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