B&M sales performance ‘below expectations’
B&M has reported that its UK sales came in below expectations in the year to 29 March due to a challenging retail environment.
Group revenue increased by 3.7% to £5.6 billion driven by a contribution from new stores and positive like-for-like performance in France, which offset a 3.1% fall in B&M in the UK.
B&M said its UK trading was hit by factors such as a subdued garden season, heightened consumer caution, limited real wage growth and the timing of Easter. It also said that its operational execution could have been better and is now being addressed in current trading plan.
While group adjusted EBITDA rose to £620 million from £616 million in the prior year, pre-tax profit profit came in at £431 million versus £498 million a year earlier due to increased interest and finance costs.
Last month, B&M appointed former Tesco executive Tjeerd Jegen as its new chief executive. He will take up his new role on 16 June.
