B&M posts first half profit drop but makes good start to golden quarter
B&M has seen its first half pre-tax profit decline to £201 million from £241 million in the previous year but has reported making a good start to its golden quarter.
In the six months to 24 September, revenue climbed by 1.8% on the prior 12 months to £2.309 billion.
While B&M’s UK sales dipped by 0.9% year-on-year in the period with like-for-like revenue decreasing by 3.9%, sales in France rose by 18.2% There was also a 14.6% sales uplift at B&M’s Heron Foods business.
B&M said it is trading well into the first six weeks of its golden quarter with like-for-like sales at B&M UK up 2.5% in the run-up to Christmas. This represents a significant increase in total sales over pre-Covid levels despite difficult trading conditions.
Alex Russo, B&M chief executive, said: “Sales momentum is good as we enter a difficult period for the economy and consumers. Our value-based approach is winning with existing and new customers, and we will do our very best to help them weather the cost-of-living crisis. We are well positioned as we trade through the golden quarter and our strategy remains unchanged – a relentless focus on price and product.”