B&M European Value Retail S.A. ("the Group"), the UK's leading variety goods value retailer, today provides a trading update for the third quarter ("Q3") of its current financial year ("FY23"), relating to the 13 week period from 25 September 2022 to 24 December 2022.
HIGHLIGHTS
Group revenue growth in the quarter of 12.3% year-on-year ("YoY") to £1,567m (+12.3% constant currency basis)1
Total B&M UK fascia2 revenue in Q3 up 10.3% YoY, with one-year like-for-like3 ("LFL") revenue increasing by 6.4%. Customer transaction numbers remained strong and positive YoY
Very good performance across all B&M UK categories, both in grocery and general merchandise. Excellent sell-through in key general merchandise ranges supporting improved gross margin performance
Stock disciplines remained robust and allowed stock reduction of circa £100m YoY
Trading momentum in B&M France has continued through Q3, with revenue up 24.9% YoY
Trading momentum in Heron Foods has continued through Q3, with revenue up 22.5% YoY
B&M's sourcing model and its flexibility provides a strong point of differentiation. The supply chains across the three businesses executed well in the quarter
FY23 Group adjusted EBITDA4 (on a pre-IFRS16 basis) now expected to be in the range of £560m to £580m, ahead of current analysts' consensus estimate of £557m5
Consistent with our capital allocation framework, the Board intends to declare a special dividend of 20.0p per Ordinary Share to be paid on 3 February 2023 to shareholders on the register at 13 January 20236. The ex-dividend date will be 12 January 2023
"Our strong momentum throughout the Golden Quarter across the businesses demonstrates the strength of our unchanged strategy to relentlessly focus on price, product and excellence in retail execution. Despite the challenging macroeconomic environment, we will continue to work hard to help both existing and new customers manage the cost-of-living crisis. The business has exited the quarter well and will remain focused on disciplined execution," says a spokesman.
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Source : B&M European Value Retail S.A.
www.insightdiy.co.uk/news/bm-posts-strong-q3-trading-update/11943.htm