TIDMBME
RNS Number : 4390C
B&M European Value Retail S.A.
21 June 2021
21 June 2021
B&M European Value Retail S.A.
(the "Company")
Annual Report & Accounts 2021 and Notice of Annual General
Meeting
B&M European Value Retail S.A. (the "Company"), the UK's
leading variety goods value retailer, announces that it has posted
to shareholders today the Company's Annual Report and Financial
Statements for the year ended March 2021 and the Notice of Annual
General Meeting of the Company. The Annual General Meeting will be
held at 5 , Rue Goethe, L-1637 Luxembourg, Grand-Duchy of
Luxembourg on Thursday 29 July 2021 at 12:00 noon (CEST).
In accordance with Listing Rule 9.6.1R, copies of the following
documents have been submitted to the National Storage Mechanism and
will be available shortly for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism and c opies
of them are also available on the Company's website in the
investors section on the following page
www.bandmretail.com/investors/agm.aspx
-- A nnual Report and & Accounts 2021;
-- Notice of Annual General Meeting 2021;
-- Proxy Form; and
-- Electronic Communications Letter.
In accordance with Disclosure and Transparency Rule 6.3.5R (DTR
6.3.5R) and the requirements which it imposes on how to make public
annual financial reports, the following information in Appendix 1
to this announcement is extracted from the Annual Report &
Accounts 2021 and should be read in conjunction with the Company's
preliminary results announcement for the year ended 27 March 2021
which was issued on 3 June 2021 and contained the Company's
preliminary consolidated financial statements, information on
important events that have occurred during the financial year and
their impact on the financial statements, details of related party
transactions and the statement of directors' responsibilities. That
information (a copy of which is available on the Company's website
at www.bandmretail.com ) together with the information set out in
Appendix 1 below, constitutes the material required by DTR 6.3.5R
to be communicated to the media in unedited full text through a
Regulatory Information Service. This announcement is not a
substitute for reading the Annual Report & Accounts 2021 in its
entirety. Page references in the text below refer to page numbers
in the Annual Report & Accounts 2021.
Enquiries
B&M European Value Retail S.A.
For further information please contact +44 (0) 151 728 5400
Simon Arora, Chief Executive
Alex Russo, Chief Financial Officer
investor.relations@bandmretail.com
Media
For media please contact +44 (0) 207 379 5151
Sam Cartwright, Maitland
bmstores-maitland@maitland.co.uk
APPIX 1
The principal risks and uncertainties relating to the Company
are as set out in pages 24 to 31 inclusive of the "Principal risks
and uncertainties" section of the Annual Report & Accounts
2021.
The following is extracted in full and unedited text from the
Annual Report & Accounts 2021 and is repeated here solely for
the purpose of complying with DTR 6.3.5R.
PRINCIPAL RISKS AND UNCERTAINTIES
The following principal risks and uncertainties could have an
impact on our business model and strategy. Mitigating steps aimed
at managing and reducing those impacts are being employed by the
Group as summarised below.
The Group's risks and mitigations are reviewed as part of the
oversight of the system of internal controls by the Audit &
Risk Committee. They are reported on to the Board, which takes
overall responsibility for risk management of the Group.
The Group's Internal Audit function assesses the on-going
business risks of the Group. It reports on the effectiveness of
internal control procedures to the Audit & Risk Committee. In
assessing risk it considers the Group's risk mitigating actions and
provides recommendations to management to improve business
processes and limit their exposure to risk.
The Group's approach to reviewing risk appetite is part of an
annual risk management cycle, which is used to drive and inform
actions in relation to the principal risks identified by the Board.
As part of that process the Group's appetite for risk is defined
with reference to the expectations of the Board for both commercial
opportunity and internal control. It is then used for setting the
Group's internal audit plan each year.
Category of risk Tolerance
Strategic Medium
Financial Low to medium
Operational Low
Compliance Extremely low
Risk management evaluation
The Group's executive management are responsible for identifying
and evaluating new and emerging risks and mitigating actions.
The Audit & Risk Committee, together with the support of the
Group's Internal Audit department and the Group's General Counsel,
is responsible for monitoring risks and mitigating actions and
reporting any matters of concern to the Board.
The Board is responsible for overseeing risk management of the
Group. It considers the recommendations made by the Audit &
Risk Committee and determines the framework of the type of controls
and mitigating steps which are to be implemented. That evaluation
of risk and controls is carried out in the context of how those
risks could impact the overall objectives of the Group.
The implementation of processes and controls in relation to the
management of risk is delegated by the Board to the executive and
operational senior management of the UK and French businesses.
Group Internal Audit reports to the Audit & Risk Committee
at each of its meetings during the year on the progress of
management's implementation of recommended actions to mitigate
risks.
Principal risks
Covid-19 was added by the Board originally as a new principal
risk in 2019/20 and it continues to remain a principal risk but the
overall impact of it to B&M as a retailer of essential goods
has reduced. The UK's exit from the EU and credit risk and
liquidity are no longer principal risks of the Group. Otherwise
none of the other principal risks included in the 2019/20 financial
year have been removed and no new ones have been added.
Assessment of risks
An assessment is made by the Board of the likelihood or
probability of a risk occurring and the impact of the risk after
taking account of mitigating factors and controls. The assessment
of that is set out in the heat map opposite.
The heat map indicates the Board's view of the likely degree of
impact of each risk after taking into account the risk mitigations
referred to in the principal risks table below.
Principal risks table
The table below describes (i) the main risk exposures identified
by the Board in relation to our Group businesses, (ii) the
mitigating factors which relate to how the Group manages each of
the risk exposures, and (iii) the linkage between the business
strategy and the relevant risk exposures. The group also summarises
(where relevant) key actions arising in the year in relation to how
the Group has addressed certain aspects of those risks. The Group
has also indicated where there were any changes in the profile of
any of the risks, which reflects the Board's view of the current
trend in relation those risks.
The risks set out in the table are not an exhaustive list. They
represent the main risks to the Group in relation to the period
under review and also currently, in the opinion of the Board.
Link to strategy key
A Delivering great value to our customers
B Investing in new stores
C Developing our international business
D Investing in people and infrastructure
Risk change key
Ý Increased risk
- No change
Þ Decreased risk
1 Covid-19
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
Prolonged social restrictions due to the coronavirus or any A B C D Þ
reoccurrence of it in the UK,
France or China could impact consumer demand, supply chains,
the ability of colleagues to
work and our stores continuing to operate at expected levels of
profitability. It could also
affect the timing of new store openings in relation to
completion of works by contractors.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* The categories of goods which the B&M UK and Heron * From the early stages of the coronavirus restrictions
Foods businesses sell are essential goods within the taking effect in China, contingency plans were put in
UK Government guidelines. place by the B&M UK business in FY20 and which
continued in FY21 in order to protect our supply
chain (as referred to below under the key actions in
* Implementation of social distancing steps in relation to Supply Chain risk) which protected the
accordance with UK Government guidance and other business from any material disruption to supplies,
measures for colleagues and customers at stores and costs or prices, with those risks having been managed
in our supply chain. and offset by stock cover held in our UK Distribution
Centres of c.12 weeks cover for general merchandise
goods.
* Maintaining sufficient liquidity for our on-going
operations.
* From the early stages of the coronavirus restrictions
taking effect in the UK in the FY20 and FY21, the B&M
* Maintaining (i) flexibility in our distribution UK business also increased the volume of orders of
network and with suppliers to cope with additional Grocery and FMCG goods to keep pace with increased
demand in relation to FMCG items, and (ii) controls demand for those items during peak periods. The UK
of orders of lines where demand has slowed to protect business reacted quickly by re-deploying colleagues
against over-stocking in certain categories. in our Distribution Centres to prioritise the picking
of those goods to replenish stores as quickly as
possible to meet customer requirements.
* Measures were initially taken to temporarily close 49
B&M UK smaller format town centre or precinct
location stores for a period of 4 weeks only before
they were re-opened as there was no negative overall
impact on trading across the B&M UK business.
* Our French business was required to close all its
stores for period from 15 March 2020 to 11 May 2020
under the French Government lockdown restrictions.
There have also been other periods where the stores
have been restricted to selling only limited
categories of goods. In November 2020 Babou
implemented a click and collect service from stores
to enable customers to continue to access goods by
pre-ordering them on-line.
* The Group introduced flexible working arrangements in
its businesses during the year to support colleagues
in relation to working hours and homeworking
arrangements.
----------------------------------------------------------- ---------------------------------------------------------------
2 Supply chain
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
Imported goods from China represent a significant proportion of A Þ
the Group's general merchandise
products. Lead time delays in the supply chain could result in
lower sales and potential loss
of margin through higher markdowns. Disruption to the supply
chain arising from civil unrest,
natural disasters, diseases and pandemics, ethical trading
issues or quality standards failures
could impact our trading performance and brand reputation.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* The Group has an experienced sourcing team which is * As referred to above in relation to the Covid-19 risk
responsible for maintaining an efficient and above, when the coronavirus impacted factories and
effective supply chain. ports in China contingency plans were put in place
initially to source supplies of products from other
countries and regions were that to have become
* A range of alternative supply sources are maintained necessary. As we had a stock cover in the B&M UK
across the product categories and we are not business of c.10 weeks on general merchandise
over-reliant on any one single supplier. imported goods, there was a very limited impact
arising and limited recourse only was made to our
contingency plans.
* The Group has anti-bribery & corruption and modern
slavery & human trafficking policies in place in
relation to its supply chain.
* A combination of individual buyers and sourcing agent
employees conduct supplier factory visits.
----------------------------------------------------------- ---------------------------------------------------------------
3 Competition
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
The Group operates in highly competitive retail markets in the A C D -
UK and France which could materially
impact the Group's profitability, share price and limit growth
opportunities.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* Continuous monitoring of competitor pricing and * The Group has continued to maintain its strict SKU
product offering. count discipline within product ranges, which enables
it to react quickly to ever changing consumer tastes,
trends and buying habits.
* Development of new product ranges within the product
categories to identify new market opportunities and
target new customers. * The Group commissioned a customer insight survey to
measure our strengths and weaknesses against our
competitors, to provide management with indicators of
where the Group can improve our competitive edge
relative to our peer group and other discount
retailers. It is our intention to repeat that
exercise or conduct similar testing each year so the
Group can track progress against each of the
indicators and outputs from those surveys.
* As an essential retailer, the business has continued
to operate throughout the pandemic and prioritise the
stocking and replenishment of goods at stores which
have been in the highest demand at peak times during
spikes in the pandemic to ensure that we have kept
customers supplied with goods they most want. We have
ensured that our stock picking at warehouses and
stock ordering from suppliers was carefully planned
to facilitate this through our supply chain
throughout the year.
----------------------------------------------------------- ---------------------------------------------------------------
4 Economic environment
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
A reduction in consumer confidence could impact upon customer A B C D -
spending and subsequently revenue
and profitability, as a result of the prevailing macroeconomic
conditions in the markets in
which we operate.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* We offer a range of products and price points for * In light of the initial uncertainty in relation to
consumers which allows them to trade up and down. consumer confidence following Brexit and the impacts
of the pandemic, the Group has continued to ensure
that we remain focused on only stocking the top
* We maintain a low cost business model that allows us best-selling lines across our ranges. We have
to maintain our selling prices as low as possible. continued to work hard to ensure our stores have all
of our top 100 best-selling products ready on the
shelves on a daily basis.
* We have an effective forecasting process that enables
actions to be undertaken reflecting economic
conditions.
----------------------------------------------------------- ---------------------------------------------------------------
5 Regulation and compliance
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
The Group is subject to a range of regulatory and legislative C D -
requirements, including those
relating to the importation of goods, anti-bribery and
corruption, anti-modern slavery, anti-tax
avoidance & evasion, health & safety, employment law, general
data protection regulation ("GDPR"),
control of pollution and contamination to the environment, the
Listing Rules, Transparency
laws and regulations and the Groceries Supply Code of Practice
(the "Groceries Code"). The
impact of failure to comply with laws and regulations could
lead to financial penalties and
significant reputational damage.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* The Group has a number of policies and codes, * The B&M UK business has created and launched an
including a code of conduct which incorporates an e-learning portal for GDPR training for colleagues to
anti-bribery & corruption policy, which outlines the make it easier refresh their training during each
mandatory requirements we apply to our business. Our year. It is intended to roll-out the e-learning
codes and policies are communicated to staff along platform to other areas of mandatory training over
with our employee handbook which is made available to time once colleagues are familiar with using the
everyone joining the business. portal. This will reduce the amount of paper based
process required and created a more flexible way for
colleagues to carry out some of their training needs.
* Management are responsible for liaising with the
Group's General Counsel (and external advisors where
required) to ensure that we identify and manage * Our Groceries Code Compliance Officer and Internal
compliance with all applicable new legislation and Audit team have actively engaged during the year with
regulations which apply to us in Luxembourg, the UK the Groceries Code Adjudicator ("GCA") in conference
and France. Changes in legal and regulatory matters call discussions during the year. This has helped to
(including those arising from Brexit) are monitored develop a close and constructive working relationship
closely on a regular basis by the Group's General and dialogue with the GCA as the oversight body in
Counsel, who provides reports on new regulatory relation to compliance with the Groceries Code, in
developments directly to the Board as well as its relation to our action plans and follow-up work
Committees and Executive Management. The Internal during the year.
Audit function of the Group includes assurance
testing and auditing of the Group's implementation of
new areas of regulatory compliance. * In relation to the environment, emissions and
sustainability our UK business has continued to
invest in initiatives to reduce its carbon footprint
* We have a whistle-blowing procedure and policy which with: (i) continuing to invest in our c.234 Heavy
allows colleagues to confidentially report any Goods Vehicles which are all Euro VI emissions
concerns or inappropriate behaviour within our standard engine trucks, being the highest standard of
business. fuel efficient engines for managing levels of
emissions, and (ii) the addition of our Bedford
distribution centre in the later part of FY20 for
* In relation to anti-modern slavery and other deliveries in the South of the UK, has begun to lead
standards relating to human rights within our supply to significant reductions in miles travelled for
chain, the Buying teams are charged with ensuring deliveries to our stores in the South of England.
that every supplier is required to adhere to our
Workplace Policy standards.
* The Company has a Group-wide GDPR policy. Our privacy
policies, processes in relation to data subject
rights requests, privacy notices given to all our
colleagues, and privacy notices for users of our
websites and subscribers to our on-line mailing lists
are reviewed to ensure they are GDPR compliant.
* Our Groceries Code compliance programme includes
guidance and training for colleagues, monitoring of
compliance, reporting of potential non-compliance
issues, dispute resolution procedures and a Code
Compliance Officer who oversees compliance and the
resolution of code related issues with suppliers in
the event of escalation being necessary or required
by a supplier. Oversight of our compliance with the
Grocery Code is carried out by management and
reviewed by the Audit & Risk Committee as a standing
agenda item at each of the meetings of that committee
throughout each year.
----------------------------------------------------------- ---------------------------------------------------------------
6 International expansion
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
Developing our businesses in our new market territories is C Þ
important to the Group's strategic
plans. Expanding into new markets creates additional challenges
and risks which could impact
the overall performance of the Group, its growth and
profitability.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* The Group has significant international retail * We continued to strengthen the senior management team
experience on our main Board. of our French business, Babou, during the year and
appointed a new CEO in May 2021. This has enabled us
to restructure the senior leadership team to focus
* The Group will continue to support the development of those resources on the key operational functions of
the experienced senior leadership teams in France in the business. In particular this has allowed the
key operational areas. Trading Director of Babou to devote his time
exclusively on leading the buying operations of the
business going forward, with other areas which had
* The Group assesses markets in which the business previously been covered by him being transferred to
operates in or expand into, to ensure they are the CEO of that business.
appropriate for value retailing and that product
ranges are developed and selected by local buying
teams along with access to leverage from the Group's * The Group is monitoring the Babou stores which have
supply chain. been converted B&M fascia and format to track their
performance and make any necessary adjustments to
product ranges as we evolve and refine the ranges in
* Continuing to invest in both the infrastructure and response to the demand and tastes of French
technology of our French business. customers.
* Babou has implemented a new click and collect service
in FY21 across the majority of its stores. This has
been particularly helpful for customers during the
pandemic in relation to remote shopping.
----------------------------------------------------------- ---------------------------------------------------------------
7 Warehouse infrastructure
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
The loss of one of our distribution centres or failure to B D -
maintain and invest in our warehousing
and transport infrastructure as the business continues to grow
its store portfolio, could
materially impact short/medium term trading and the
profitability of the business.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* Forward plans have been implemented for additional * The JDA Warehouse Management System is now live and
warehousing capacity to support our new store opening rolled-out within all our main UK Distribution
programme. The Group in the UK has six separate Centres and an upgrade to the existing generation of
distribution centres (having added Fort this year and the software is due to be implemented in FY22.
closed an older distribution centre in Blackpool).
The additional distribution centre in Fort, which
serves as a hub to support our expansion in the South * The vast majority of product SKU's now have a dual
of England, is now in full operation. locations with our UK Distribution Centre estate, so
in the short term if a Distribution Centre was out of
operation our stores can continue to be serviced with
* The Group maintains adequate business interruption the full range of product SKU's by the rest of the
and increased cost of working insurance in the event Distribution Centres without significant
of a loss of a distribution centre(s). replenishment delays.
* B&M's UK business have access to container storage
yards in the north and the South of England, allowing
greater flexibility for re-routing stock to other
Distribution Centres at short notice if a
Distribution Centre was carrying a surplus or was out
of operation.
----------------------------------------------------------- ---------------------------------------------------------------
8 IT systems, cyber security and business continuity
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
The Group is reliant upon key IT systems, and disruption to D -
those would adversely affect business
operations including those at the distribution centres and
stores. The potential impact of
a failure to protect and maintain our data and systems could
lead to significant business
disruption, potential prosecution and also reputational damage.
This also applies to any failure
to protect the Group's IT systems and data from viruses, cyber
invasive threats, corruption
or sabotage.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* All critical business systems have third party * The Group completed the roll-out of its card payment
maintenance contracts in place and those systems are encryption system with Worldpay across all the B&M UK
industry standard retail business systems. fascia stores by the end of June 2020. This enhances
the IT cyber security and PCI controls in relation to
processing card transactions. The roll-out has been
* IT investments and budgets are reviewed and approved extended across the Heron Foods stores in FY21 also.
at Board level.
* The B&M fascia business has also implemented a Cloud
* The Group has a disaster recovery strategy and plan Security Platform and Advanced Malware Protection to
in place for all of our key systems. improve email and web cyber security.
* The Group has an on-going Payment Card Industry * A phased programme of improvements and upgrades to IT
compliance strategy. systems and infrastructure over the next 3 years from
FY22 has been approved by the Board with the Group's
IT Director to bring enhancements to our core systems
* IT security is monitored at Board level and includes as we continue to grow at a significant rate.
penetration testing and up-to-date security software.
* Significant decisions for the business are made by
the Group or operational boards with segregation of
duties enforced on key business processes, such as
the payables process, and a robust IT control
environment is in place.
----------------------------------------------------------- ---------------------------------------------------------------
9 Commodity prices/cost inflation
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
Escalation of costs within the supply chain arising from A Ý
factors such as increases in raw
material and wage costs. Additionally, increased fuel and
energy costs could impact upon distribution,
logistics and store overheads.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* Freight rates, energy and currency are forward * The Group has freight rate agreements in place with
purchased to mitigate against volatility and to allow freight forwarders for 2021 with set prices for
the business to plan and maintain margins. several months ahead.
* Wage increases are offset where possible by * Energy purchases have also been agreed through an
productivity improvements. energy broker until September 2022.
* Forecasts and projections produced by the business * The business has created an Energy Manager position
include the expected impact of the national living who is responsible for driving energy improvements
wage and therefore the Board's strategic planning and efficiencies in the B&M UK business store estate.
takes account of that. The Energy Manager has trialled a Building Energy
Management System to control energy consumption at
stores more effectively, which we are now looking to
extend to new store openings in FY22.
----------------------------------------------------------- ---------------------------------------------------------------
10 Key management reliance
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
The Group is reliant on the high quality and ethos of the D -
executive team as well as strong
management and operational teams. There is a risk that a lack
of succession planning for senior
colleagues could impact on the performance overall of the
business.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* Key senior and operational management are * The Group has continued to strengthen the senior
appropriately incentivised through bonus and share management teams of its businesses. This has included
option arrangements to retain talent. (i) the appointment of an Group IT Director reporting
directly to the CFO (ii) the appointment of a Head of
Investor Relations reporting directly to the CFO
* The composition of the executive team is kept under (iii) the appointment of a Head of Internal Audit
constant review to ensure that it has the necessary reporting directly to the Chair of the Audit
resources and skills to deliver the Group's plans. Committee, (iv) the appointment of a new Group CFO
following the retirement of the previous CFO early
this year, (v) appointment of a Supply Chain Director
* The Nomination Committee develops succession plans in the B&M UK business following a retirement earlier
for the Board of Directors and key senior operational this year, and (vi) the appointment of a new CEO in
management resourcing positions. It also reviews the the French business strengthening the management team
wider senior management resourcing needs of the locally in that business.
Group.
----------------------------------------------------------- ---------------------------------------------------------------
11 Store expansion
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
The ability to identify suitably profitable new store locations B -
is key to delivering our growth
plans. Failure to identify suitable locations in areas targeted
for new stores could impact
upon store expansion plans and reduce the rate of growth in the
business.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* Our CEO actively monitors the availability of retail * The B&M UK business has continued to take steps where
space with the support of internal and external new store opening opportunities exist in current
property acquisition consultants. store locations, to replace older generation stores
with better quality sites and premises. That
mitigates the potential effects of cannibalisation
* The flexibility of the trading format allows us to and also improves the quality and performance of the
take advantage of a range of store sizes and estate in addition to new store openings in brand new
locations. locations for the business.
* Each new store opening is approved by the CEO
ensuring that property risks are minimised and that
lease lengths are appropriate.
* Where new locations may impact on existing locations,
the cannibalisation effects are estimated and then
monitored and measured to ensure that there is an
overall benefit to the Group.
----------------------------------------------------------- ---------------------------------------------------------------
12 Stock management
------------------------------------------------------------------------------------------------------------------------------
Description & potential impact Strategic Priority Change
Ineffective controls over the management of stock could impact A Þ
on the achievement of our gross
margin objectives. Lack of product availability or
over-stocking could impact on working capital
and cash flows.
--------------------------------------------------------------- -----------------------------------------------------------
Risk Mitigations Key Actions in 2020/21
* The Group has a highly disciplined limited SKU count * The Group has carried out a review of its stock cover
throughout our product ranges and effective regular requirements in advance of FY22 in light of the
markdowns on slow moving product lines. strong demand in FY21 to ensure that sufficient
ordering is in place to build stock levels to the
normal levels of cover previously.
* Our non-seasonal initial stock orders do not exceed
circa 14 weeks of forecast sales and action is
undertaken after circa 4 weeks of trading to either
repeat the order, refresh the product design or
discontinue the product line.
* Consistent levels of stock cover by product category
are maintained through regular reviews of open-to-buy
process, supported by the disciplined SKU count.
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Grafico Azioni B&m European Value Retail (LSE:BME)
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