B&M European Value Q1 sales fall against tough comparator

Variety goods retailer B&M European Value said UK first-quarter like-for-like revenue decline fell 9.1% as “exceptionally high sales” last year during Covid lockdowns distorted comparatives.

UK revenue in the three months to June 25 came in at £957m. On a group-wide basis it was 2.2% lower at £1.16bn and the company maintained annual guidance of adjusted core profits of £550m-£600m.

The company on Wednesday said that over the five-week trading of April 2022 one-year UK LFL revenues were down 19.1%, driven by elevated sales in the prior year and over the subsequent eight weeks covering May and June LFL revenues were down 1.6%.

B&M’s Heron Foods division performed consistently well throughout the quarter, ahead of internal expectations, while French operations delivered strong revenue growth, with gardening & leisure performing well.

An online trial launched by B&M UK with 1,000 items available for delivery to home was also launched during the quarter.