British discount retailer B&M has forecast higher 2024 core earnings, after reporting an annual profit in line with its expectations.
B&M, which sells everything from toys to frozen food and garden furniture, reported adjusted core profit of £573 million (€663.8 million) for the year ended March 25, down 7.4% from last year. The company had expected 2023 adjusted earnings before interest, taxes, depreciation, and amortisation of between £560 million (€648.7 million) and £580 million (€671.9 million). Total group revenue for the year stood at £4.98 billion (€5.77 billion), which the company said was close to a third (+30.3%) ahead of pre-pandemic levels on a constant currency basis. "FY23 has been another year of strong underlying progress for B&M and the long-term future looks very positive," the CEO commented. Looking ahead, the CEO said that he was confident that the discount retailer could continue to drive growth through its four channels – existing B&M UK stores, new B&M UK stores, its France business and Heron Foods. "In delivering this growth, B&M will generate cash and compound earnings growth for our shareholders, he said. "We are actively responding to the short-term pressure on consumers from the cost-of-living crisis, with a relentless focus on price and value."
Source: ESM
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