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BUZZ-B&M: robust Q1 trading update

Reuters - UK Focus

** Discount store chain B&M up at 1.5-mth high

** Total (Swiss: FP.SW - news) group sales growth up 24.4% to £456.6 mln; Jefferies notes this beats consensus est by 3.5%

** UK sales rose 22.8% vs Jefferies' est of 19%

** UK business expects to open 80 net new stores this financial yr; has strong pipeline of new stores for the following yr

** Stock, up 2.3%, 3rd-top FTSE 250 riser

** B&M up 29% vs 270p IPO price (June 2014)

** Jefferies reckons it is still good value, trading on 23.3x the broker's cal 16 EPS est; notes company offers a visibility of sales growth, resilience of margin & cashflow that is rare in the sector (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)