B&M European Value Retail SA said on Wednesday revenue declined in its financial first-quarter, but the variety goods retailer still left its annual guidance unchanged.
For the 13 weeks to June 25, group revenue was down 2.2% to £1.16 billion from £1.19 billion in the first quarter last year. For B&M UK, revenue was down to £957 million from £1.02 billion.
B&M said, however, that it had seen an ‘improving trend’ with revenue during the quarter. Further, it explained that B&M UK had exceptionally high sales in April 2021, thus distorting the comparison.
Looking ahead, B&M said there is no change to the guidance issued at its annual results in May, with financial 2023 adjusted earnings before interest, tax, depreciation, and amortisation expected to be in the range of £550 million to £600 million. Adjusted Ebitda in financial 2022 came in at £619 million.
The trading update comes as Co-Founder Simon Arora is set to step down as chief executive officer, replaced by B&M’s current chief financial officer, Alex Russo. Bobby Arora, the other co-founder, will remain in place.
Shares in B&M European Value Retail were up 0.6% at 382.10 pence on Wednesday morning in London.
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