B&M European Value Retail S.A. Q1 FY23 Trading Update (5301Q)
June 29 2022 - 2:00AM
UK Regulatory
TIDMBME
RNS Number : 5301Q
B&M European Value Retail S.A.
29 June 2022
29 June 2022
B&M European Value Retail S.A.
Q1 FY23 Trading Update
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
("FY23"), relating to the 13 week period from 27 March 2022 to 25
June 2022.
Highlights
-- Group revenue decline in Q1 FY23 of (2.2) % on a constant
currency basis (1) but with an improving trend during the
quarter
-- In the core B&M UK fascia(2) one-year like-for-like(3)
("LFL") revenue decline was (9.1)% for the quarter overall. Due to
exceptionally high sales in April 2021 as previously disclosed and
the distorting nature of these comparatives, the Group is providing
the following breakdown of LFL performance over the period:
o Over the 5 week trading period of April 2022 one-year LFL
revenues were down (19.1)%, driven by elevated sales in the prior
year
o Over the subsequent 8 week trading period covering May and
June one-year LFL revenues were down ( 1.6 )%
-- Heron Foods(2) performed consistently well throughout the
quarter, ahead of internal expectations
-- France delivered strong LFL revenue growth, with Gardening
& Leisure performing particularly well
-- Ongoing stock and cost discipline across all fascias
-- Online trial launched by B&M UK with c1,000 SKUs now available for delivery to home
-- No change to guidance issued on 31 May 2022 with FY23 Group
adjusted EBITDA expected to be in the range of GBP550m to
GBP600m
Group Revenue
Q1 Q1
FY23 FY22
Total Group revenues GBP1,161m GBP1,189m
B&M UK(2, 4) GBP957m GBP1,019m
Heron Foods(2) GBP113m GBP102m
France GBP91m GBP68m
------------ ------------
Total Group revenue growth (constant
currency)(1) (2.2)% +3.1%
------------ ------------
B&M UK one-year LFL(3) revenue
growth (9.1)% (4.4)%
------------ ------------
Store Roll Out
Number of Stores Q1 Q1
FY23 FY22
Group 1,125 1,097
B&M UK 705 684
Heron Foods 311 308
France 109 105
-------- --------
1. 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.
2. 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.
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 FY22. This 14 month approach has been adopted
as it excludes the two month halo period which new stores
experience following opening.
4. B&M UK revenues in Q1 FY23 include GBP9m of wholesale revenues (Q1 FY22: GBP13m).
Enquiries
B&M European Value Retail S.A.
For further information please contact +44 (0) 151 728 5400 ext
5763
Simon Arora, Chief Executive
Alex Russo, Chief Financial Officer
Jonny Armstrong, Head of Investor Relations
Investor.relations@bandmretail.com
Media
For media please contact +44 (0) 207 379 5151
Sam Cartwright, Maitland
bmstores-maitland@maitland.co.uk
Notes to editors
B&M European Value Retail S.A. is a variety retailer with
705 stores in the UK operating under the "B&M" brand, 311
stores under the "Heron Foods" and "B&M Express" brands, and
109 stores in France also operating under the "B&M" brand as at
25 June 2022. 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 .
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