B&M European Value Retail S.A. Trading Update (3551A)
September 29 2020 - 2:00AM
UK Regulatory
TIDMBME
RNS Number : 3551A
B&M European Value Retail S.A.
29 September 2020
29 September 2020
B&M European Value Retail S.A.
First Half Trading Update
Maintained Strong Q2 Trading Momentum
B&M European Value Retail S.A. ("the Group"), the UK's
leading general merchandise value retailer, today provides a
trading update for the first half of its current financial year,
relating to the period from 29 March to 26 September 2020.
Highlights :
-- Strong first half revenue growth and profit uplift driven by
elevated average spend per visit
-- B&M's value-led, variety goods model and its convenient,
easily-accessible, out-of-town locations continue to prove
attractive to customers
-- Group revenue growth in the first half of 25.3%, with B&M
UK stores generating revenue growth of 29.5% including
like-for-like growth of 23.0%
-- Trading momentum at B&M UK stores maintained in Q2, with
19.1% like-for-like growth in the quarter and an exit rate at a
similar level
-- First half Group Adjusted EBITDA(1) (pre-IFRS16) expected to
be above the previously guided range (GBP250m to GBP270m announced
on 28 July) and now estimated to be approximately GBP285m (before
currency adjustments)
-- 9 new B&M UK fascia stores opened by the half year end,
offset by 8 closures, the latter comprising mostly older, smaller
stores
-- Guidance upgraded on new stores this financial year as a
result of pick up in leasing activity; now expected in the range of
40 to 45 B&M UK gross openings, most of which scheduled to open
in the fourth quarter
-- Positive like-for-like sales growth and 6 net new stores
opened in the first half by the Group's value convenience store
chain, Heron Foods
-- Positive like-for-like sales growth at Babou in France since
re-opening on 11 May 2020, with total H1 revenue of EUR156.8m, and
a small positive EBITDA outturn for the half year despite the
closure due to lockdown over the first 6 weeks. 37 stores were
trading under the B&M brand at the end of H1
Simon Arora, Chief Executive, said:
"Our Group has performed well in the first half. Our business
model is proving well-attuned to the evolving needs of customers,
given our combination of everyday value across a broad range of
product categories being sold at convenient out-of-town
locations.
Our people have risen to the many challenges posed by the
COVID-19 crisis, not least in serving our customers through a
period of high demand, keeping our shelves filled, providing a
clean and safe shopping environment, as well as sourcing higher
volumes than we had planned. I thank them all for their commitment,
hard work and resilience."
B&M's Interim Results will be released on 12 November
2020.
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation.
1. The Directors consider adjusted EBITDA figures to be more
reflective of the underlying business performance of the Group and
believe that this measure provides additional useful information
for investors on the Group's performance. Adjusting items are the
effects of derivatives, one-off refinancing fees, foreign exchange
on the translation of intercompany balances and the effects of
revaluing or unwinding balances related to the acquisition of
subsidiaries.
B&M European Value Retail S.A.
For further information please contact +44 (0) 151 728 5400 ext
5766
Simon Arora, Chief Executive
Paul McDonald, Chief Financial Officer
Steve Webb, Investor Relations Director
Investor.relations@bandmretail.com
Media
For media please contact +44 (0) 207 379 5151
Maitland, Daniel Yea
bmstores-maitland@maitland.co.uk
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END
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