British discount retailer B&M European Value Retail has forecast higher 2024 core earnings, after reporting an annual profit in line with its expectations.
B&M, which sells everything from toys to frozen food and garden furniture, reported adjusted core profit of £573 million (€663.8 million) for the year ended March 25, down 7.4% from last year.
The company had expected 2023 adjusted earnings before interest, taxes, depreciation, and amortisation of between £560 million (€648.7 million) and £580 million (€671.9 million).
Read More: B&M European Value Retail Full-Year Results – What The Analysts Said
Group Revenue
Total group revenue for the year stood at £4.98 billion (€5.77 billion), which the company said was close to a third (+30.3%) ahead of pre-pandemic levels on a constant currency basis.
The period also saw the departure of longstanding chief executive Simon Arora, who was replaced as CEO by Alejandro Russo.
Read More: UK Retailer B&M Names CEO Arora's Successor, Warns On Profit Margin
'Strong Underlying Progress'
"FY23 has been another year of strong underlying progress for B&M and the long-term future looks very positive," Russo commented. "It has also been a year of planned management transition. Simon Arora has stepped down after 19 years of leading this business and we thank him and wish him well for the future."
Looking ahead, Russo said that he was confident that the discount retailer could continue to drive growth through its four channels – existing B&M UK stores, new B&M UK stores, its France business and Heron Foods.
"In delivering this growth, B&M will generate cash and compound earnings growth for our shareholders, he said. "We are actively responding to the short-term pressure on consumers from the cost-of-living crisis, with a relentless focus on price and value."
News by Reuters, edited by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.
