B&M reports drop in profit as it overhauls leadership team
B&M has reported a drop in first half profit as it announced an overhaul of its leadership team.
In the six months to 27 September, pre-tax profit declined by 55.6% to £75 million, although group revenues increased by 4% to £2.74 billion.
Subscribe to TRBB&M UK total sales growth was 3.5% helped by new store openings. Like-for-like sales edged up 0.1%.
Tjeerd Jegen, B&M’s recently appointed chief executive, said: “Our Back to B&M Basics plan is progressing and we are taking decisive actions to improve our retail execution and restore our financial performance.
“While the full financial benefits will build over time, I am confident our actions can restore sustainable like-for-like sales growth at B&M UK, which is our number one priority and, in the medium term, low double-digit UK adjusted EBITDA margins as an outcome.”
B&M’s overhaul of its leadership team has included appointing Simon Hathway as its new group trading director. With significant retail experience, he has previously held senior roles at Action Holding and Pepco Group.
The retailer has also welcomed Helen Cowing as interim chief financial officer and brought responsibility for its supply chain and retail operations under Jon Parras as it looks create a simpler and more cohesive structure.
