B&M boosted by growth in France
B&M is expecting to report full year adjusted EBITDA at “above the midpoint” of its £605 million to £625 million guidance range following a positive performance in France and careful cost management.
In the 52 weeks to 29 March, group revenue increased by 3.7% to £5.6 billion, or by 4% at constant rates, after growth was boosted by B&M’s new store performance and 2.6% like-for-like sales growth in France.
Subscribe to TRBIn the UK like-for-like sales fell by 3.1% following a fourth quarter like-for-like decline of 1.8%. This was partly due to weaker performance in the FMCG category where B&M is addressing.
The group said B&M UK operating costs increased by around 6% as it continued to manage them with discipline. It added that a 5% increase in store numbers, greater volumes and higher wage rates were partly mitigated by a productivity gain.
During the 12 month period, the group opened 45 B&M UK new stores which it said are performing in line with expectations with strong returns. It is also planning to launch 45 stores in the current financial year.
B&M has also announced that it is making progress on appointing a successor to Alex Russo as chief executive.
