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British retailer B&M's sales drop in first quarter

British retailer B&M's sales drop in first quarter
British retailer B&M's sales drop in first quarter Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
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- British discount retailer B&M on Wednesday reiterated its outlook for fiscal 2023 core profit and reported a dip in first-quarter group sales, reflecting a tough comparison with a year-ago period when consumers stocked up during lockdowns.

The FTSE 100-listed firm, which sells everything from food to homeware, gardening and do-it-yourself products, said its group revenue dropped to 1.16 billion pounds ($1.41 billion) in the first quarter ended June 25, down from 1.19 billion pounds a year ago.

B&M said there were no changes to its outlook, with fiscal 2023 group adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) expected to be in the range of 550 million pounds to 600 million pounds.

($1 = 0.8207 pounds)

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