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B&M: Strong Christmas Performance Drives Full-Year Profit Upgrade

632 York Clifton Moor

B&M European Value Retail S.A. ("the Group"), the UK's leading variety goods value retailer, today provides a trading update for the third quarter ("Q3") of its current financial year ("FY22"), relating to the 13 week period from 26 September 2021 to 25 December 2021. 

Highlights

  • Group revenue growth in Q3 FY22 of 0.1% year-on-year on a constant currency basis1

  • Total B&M UK fascia2 revenue in Q3 down (2.5)% year-on-year, with one-year like-for-like3 ("LFL") revenue down (6.2)% and up 14.0% on a two-year basis versus pre-pandemic levels of Q3 FY20  

  • Strong performance across categories, with excellent sell-through of Seasonal ranges supporting gross margin in the quarter

  • 9 gross new B&M UK fascia2 stores opened in Q3, with 2 closures.  Expect to open 13 further stores before FY22 year-end

  • Performance in Heron Foods2 continues to improve, with positive two-year LFL revenue growth in Q3 FY22

  • Sustained momentum in B&M France, with Q3 revenue up 30.0% year-on-year and all but one of the 107 stores now under the B&M fascia

  • Will reward over 24,000 colleagues for their considerable efforts this year with a discretionary bonus payment of an extra week's wages in January

  • FY22 Group adjusted EBITDA4 (on a pre-IFRS16 basis) now expected to be in the range of £605m to £625m, ahead of the current analysts' consensus estimate of £578m5

Simon Arora, Chief Executive, said,

"The Group has delivered a very strong Golden Quarter, with our two-year like-for-like performance demonstrating strong retention of new customers.  Our decision to take receipt of imported Christmas stock early in the season meant we were able to provide customers with great products at great prices.  The consistency of performance in the core B&M UK business reflects the growing appeal of our stores as a destination visit for seasonal products, as well as the strength of our supply chain.  I would like to thank all of our colleagues for helping to deliver our best-ever Christmas. 

Although the pandemic continues to create challenges for retailers and consumers alike, our relentless focus on value-for-money remains undiminished. Despite ongoing supply chain disruption, inflationary pressures and uncertainty surrounding possible Covid-related restrictions, we remain confident in B&M's prospects for 2022."  

Revenue  

 

Q3

FY22

Q3

FY21

YTD

Q3 FY22

YTD

Q3 FY21

Total Group revenues

£1,395.2m

£1,398.5m

£3,663.2m

£3,640.6m

B&M UK2, 6

£1,181.1m

£1,211.8m

£3,090.6m

£3,097.2m

Heron Foods2

£105.2m

£102.9m

£308.3m

£319.1m

France

£108.8m

£83.7m

£264.2m

£224.3m

Total Group revenue growth (constant currency)1

0.1%

22.5%

0.9%

24.2%

B&M UK one-year LFL3 revenue growth

(6.2)%

21.1%

(5.5)%

22.2%

B&M UK two-year LFL3 revenue growth

14.0%

n/a

15.7%

n/a

Store Roll Out

 

Q3

FY22

Q3

FY21

 

Number of Stores

 

Group

 

B&M UK2

 

Heron Foods2

 

France

 

 

 

1,110

 

693

 

310

 

107

 

 

 

 

1,075

 

673

 

298

 

104

 

Source : B&M 

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.  

 

06 January 2022

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Thank you for the excellent presentation that you gave at Woodbury Park on Thursday morning. It was very interesting and thought-provoking for our Retail members. The feedback has been excellent.

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Martin Elliott. Chief Executive - Home Hardware.
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