B&M posts mixed results in first half
B&M has reported a 1.2% year-on-year increase in first half group revenue as it announced that it is fully stocked going into the busy festive trading period.
In the 26 weeks to 25 September, revenue reached to £2.268 billion and rose by 26.8% on the same period two years ago. However, group adjusted EBITDA came in at £282.2 million compared to £295.6 million in the prior year. On a two-year basis, it was up 86.4% due to higher sales densities and a favourable sales mix.
B&M UK fascia revenue increased by 1.3% year-on-year, although like-for-like revenues fell by 5%. On a two-year basis, like-for-likes were up 16.8% as sales densities remained significantly higher than pre-pandemic levels.
Meanwhile, group adjusted pre-tax profit dropped by 6.2% to £238 million in the period.
Simon Arora, chief executive of B&M, said the group has responded decisively to the supply chain crisis by leveraging its supplier relationships and improving in-store execution. As a result, the business is now fully stocked as it heads into the festive trading period.
Looking ahead, he added: “Although the pathway to a ‘new normal’ remains uncertain and the industry faces a number of supply and inflationary pressures as we enter the second half of the financial year, we are very confident that the B&M Group is well positioned to navigate these and will continue to be successful both in the UK and in France.”
