REG - B&M European - Q1 FY23 Trading Update

B&M European Value Retail SAAnnouncement

29/06/2022 07:01

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RNS Number : 5301Q  B&M European Value Retail S.A.  29 June 2022

 

 

29 June 2022

B&M European Value Retail S.A.

 

Q1 FY23 Trading Update

 

B&M European Value Retail S.A. ("the Group"), the UK's leading variety
goods value retailer, today provides a trading update for the first quarter
("Q1") of its current financial year ("FY23"), relating to the 13 week period
from 27 March 2022 to 25 June 2022.

 

Highlights

 

·    Group revenue decline in Q1 FY23 of (2.2)% on a constant currency
basis(1) ( )but with an improving trend during the quarter

 

·      In the core B&M UK fascia(2) one-year like-for-like(3)
("LFL") revenue decline was (9.1)% for the quarter overall. Due to
exceptionally high sales in April 2021 as previously disclosed and the
distorting nature of these comparatives, the Group is providing the following
breakdown of LFL performance over the period:

 

o  Over the 5 week trading period of April 2022 one-year LFL revenues were
down (19.1)%, driven by elevated sales in the prior year

 

o  Over the subsequent 8 week trading period covering May and June one-year
LFL revenues were down (1.6)%

 

·      Heron Foods(2) performed consistently well throughout the
quarter, ahead of internal expectations

 

·      France delivered strong LFL revenue growth, with Gardening &
Leisure performing particularly well

 

·      Ongoing stock and cost discipline across all
fascias

 

·      Online trial launched by B&M UK with c1,000 SKUs now
available for delivery to home

 

·      No change to guidance issued on 31 May 2022 with FY23 Group
adjusted EBITDA expected to be in the range of £550m to £600m

 

Group Revenue

 

                                                    Q1         Q1

                                                    FY23       FY22

 Total Group revenues                               £1,161m    £1,189m

 B&M UK(2, 4)                                       £957m      £1,019m

 Heron Foods(2)                                     £113m      £102m

 France                                             £91m       £68m
 Total Group revenue growth (constant currency)(1)  (2.2)%     +3.1%
 B&M UK one-year LFL(3) revenue growth              (9.1)%     (4.4)%

 

Store Roll Out

 Number of Stores  Q1      Q1

                   FY23    FY22

 Group             1,125   1,097

 B&M UK            705     684

 Heron Foods       311     308

 France            109     105

 

 

1.     Constant currency comparison involves restating the prior year Euro
revenues using the same exchange rate as that used to translate the current
year Euro revenues.

 

2.     References in this announcement to the B&M UK business includes
the B&M fascia stores in the UK except for the 'B&M Express' fascia
stores. References in this announcement to the Heron Foods business includes
both the Heron Foods fascia and B&M Express fascia convenience stores in
the UK.

 

3.     One-year like-for-like revenues relate to the B&M UK estate
only (excluding wholesale revenues) and include each store's revenue for that
part of the current period that falls at least 14 months after it opened
compared with its revenue for the corresponding part of FY22. This 14 month
approach has been adopted as it excludes the two month halo period which new
stores experience following opening.

 

4.     B&M UK revenues in Q1 FY23 include £9m of wholesale revenues
(Q1 FY22: £13m).

 

 

Enquiries

 

B&M European Value Retail S.A.

For further information please contact +44 (0) 151 728 5400 ext 5763

Simon Arora, Chief Executive

Alex Russo, Chief Financial Officer

Jonny Armstrong, Head of Investor Relations

Investor.relations@bandmretail.com

 

Media

For media please contact +44 (0) 207 379 5151

Sam Cartwright, Maitland

bmstores-maitland@maitland.co.uk (mailto:bmstores-maitland@maitland.co.uk)

 

 

Notes to editors

B&M European Value Retail S.A. is a variety retailer with 705 stores in
the UK operating under the "B&M" brand, 311 stores under the "Heron Foods"
and "B&M Express" brands, and 109 stores in France also operating under
the "B&M" brand as at 25 June 2022. It was admitted to the FTSE 100 index
on 21 September 2020.

 

The B&M Group was founded in 1978 and listed on the London Stock Exchange
in June 2014. For more information please visit www.bmstores.co.uk
(http://www.bmstores.co.uk) .

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