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Budget retailer B&M which has 700 stores issues warning amid sales slide - Liverpool Echo
- Budget retailer B&M warned that it expects full-year underlying earnings to fall to between £510 million and £560 million, a potential decline of up to 18%.
- The company issued a profit warning after UK sales declined by 1.1% in the second quarter, a result that was worse than anticipated and largely caused by higher wage expenses and a £14 million packaging tax.
- Recently appointed CEO Tjeerd Jegen said that after a comprehensive review, B&M is taking decisive actions including cutting prices, updating product ranges, and improving in-store availability.
- Jegen acknowledged that while there is still progress to be made, he believes the recent changes will help regain B&M’s appeal to customers and lead to steady improvements in comparable sales for the company’s UK stores.
- The company cautioned these turnaround actions could take up to 18 months to deliver consistent sales growth, with trading projected to remain volatile in the near term.
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Get Surrey
Get SurreyBudget retailer B&M which has 700 stores issues sales slide warning
Turnaround measures include cutting prices of some of its key value items
·Colwyn Bay, United Kingdom
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Coverage Details
Total News Sources22
Leaning Left3Leaning Right0Center10Last UpdatedBias Distribution77% Center
Bias Distribution
- 77% of the sources are Center
77% Center
L 23%
C 77%
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