B&M reports ‘slower performance than anticipated’ in its third quarter
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B&M has reported a “slower performance than anticipated”, despite a 9.3% increase in group revenues during its third quarter.
Over the 13 weeks to 28 December, revenues across its UK stores increased by 8.8% including like-for-like growth of 0.3% for the quarter, against the “backdrop of a challenging broader retail market and our decision not to engage in any early discounting activity.”
The retailer also reported a 2.3% increase in like-for-like revenues. During the period, B&M revealed it had opened 15 new stores as well as relocating 12 others.
Simon Arora, chief executive, said: “Against the backdrop of a difficult UK retail environment with reduced shopper footfall and political uncertainty, our core B&M UK business generated continued growth and delivered a record level of peak season sales.
“Cumulatively, B&M UK has achieved +2.3% LFL sales growth during the financial year to date, albeit with a slower performance than anticipated during the run up to Christmas.”
He added: “Overall the business delivered a good quarter operationally. Costs were well controlled and, combined with our usual strong focus on cash gross margins, yielded a profitable outcome. We were also able to exit the period with normal seasonal inventory levels.”
