REG - B&M European - Q1 FY24 Trading update

B&M European Value Retail SAAnnouncement

29/06/2023 07:00

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RNS Number : 2602E  B&M European Value Retail S.A.  29 June 2023

 

29 June 2023

B&M European Value Retail S.A.

 

Q1 FY24 Strong Profitable Trading Momentum

 

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 ("FY24"), covering the

13 week period from 26 March 2023 to 24 June 2023.

 

HIGHLIGHTS

 ●    Strong, profitable trading momentum across all three fascias has continued in
      recent weeks, with total Group revenue growth in Q1 of 13.5%, in line with our
      internal expectations
 ●    B&M UK Q1 LFL of 9.2%; both grocery and general merchandise categories
      have performed very well, driven by consistently strong and positive LFL
      transaction numbers
 ●    B&M UK general merchandise sales participation and sell-through has been
      excellent
 ●    Stock and cost disciplines remain firmly embedded across the Group
 ●    Interim financial results for the 26 weeks ending 23 September 2023 will be
      published on

9 November 2023

Alex Russo, Chief Executive, said,

"Our strong trading momentum demonstrates the strength of our unchanged
strategy to relentlessly focus on price, product and excellence in retail
standards.  The business is well positioned as we start to transition to our
autumn winter season.  We will continue to work hard to help all our
customers manage the cost-of-living crisis."

 

Group Revenue Summary

 

                                                  Q1 FY24   Q1 FY23   Change
 Total Group revenues                             £1,318m   £1,161m   13.5%
 B&M UK(1)                                        £1,066m   £957m     11.3%
 Heron Foods(1)                                   £135m     £113m     19.4%
 B&M France                                       £117m     £91m      29.1%
 Constant currency total group revenue growth(2)  13.2%     (2.2%)    -
 B&M UK like-for-like revenue growth(3)           9.2%      (9.1%)    -

 

1.   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.

2.   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.

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 FY23. This 14-month approach
has been adopted as it excludes the two-month halo period which new stores
experience following opening.

Conference Call

 

There will be a conference call for analysts on Thursday 29 June 2023 at
08:00am (UK).  You can register for the call using the following link:

https://register.vevent.com/register/BIb0c39b4016e64c049dc423a104976a92
(https://register.vevent.com/register/BIb0c39b4016e64c049dc423a104976a92)

 

Enquiries:

B&M European Value Retail S.A.

For further information please contact +44 (0) 151 728 5400 Ext 6363

Alejandro Russo, Chief Executive

Mike Schmidt, Chief Financial Officer

Dave McCarthy, Head of Investor Relations

Investor.relations@bandmretail.com

 

Media

For media please contact

Sam Cartwright, H-advisors, sam.cartwright@h-advisors.global +44 (0) 7827 254
561

Jonathan Cook, H-advisors, jonathan.cook@h-advisors.global +44 (0) 7730 777
865

 

 

This announcement contains statements which are or may be deemed to be
'forward-looking statements'. Forward-looking statements involve risks and
uncertainties because they relate to events and depend on events or
circumstances that may or may not occur in the future. All forward-looking
statements in this announcement reflect the Company's present view with
respect to future events as at the date of this announcement. Forward-looking
statements are not guarantees of future performance and actual results in
future periods may and often do differ materially from those expressed in
forward-looking statements. Except where required by law or the Listing Rules
of the UK Listing Authority, the Company undertakes no obligation to release
publicly the results of any revisions to any forward-looking statements in
this announcement that may occur due to any change in its expectations or to
reflect any events or circumstances arising after the date of this
announcement.

 

B&M European Value Retail S.A. is a variety retailer with 1,146 stores in
the UK and France operating under the "B&M" and "Heron" brands, as of the
end of the quarter. 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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