TIDMBME
RNS Number : 5017E
B&M European Value Retail S.A.
08 July 2021
8 July 2021
B&M European Value Retail S.A.
Q1 FY22 Trading Update
Strong start to the Financial Year, on track with our plans
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
("FY22"), relating to the 13 week period from 28 March 2021 to 26
June 2021.
Highlights
-- Group revenue growth in Q1 FY22 of +3.1 % on a constant
currency basis (1) (Q1 FY21: +27.7%)
-- Core B&M UK fascia(2) delivered two-year like-for-like(3)
("LFL") revenue growth of +21.3% versus pre-pandemic levels of
FY20. On a one-year basis, LFL revenues were -4.4% (Q1 FY21:
+26.9%)
-- Trading patterns were volatile throughout the quarter , with
a pull-forward in Gardening demand boosting LFL in the final two
weeks of FY21 and early weeks of FY22, and also depressing the
subsequent weeks
-- 7 gross new B&M UK fascia (2) stores opened in Q1, with 4 closures
-- Heron Foods(2) delivered a satisfactory performance against
the very strong comparatives of Q1 FY21 and in the context of
grocery spending showing signs of normalising
-- In France, revenues increased by 26.9%, with Q1 both this
year and in the prior year being impacted by 6 weeks of varying
lockdown restrictions
-- While it continues to be too early in FY22 to accurately
predict likely revenue and profitability outcomes, the Group is on
track with its plans for the year and expects the two-year LFL in
the core B&M UK business to remain strong
Simon Arora, Chief Executive, said,
"The Group has made a strong start to the new financial year and
sales remain significantly above pre-pandemic levels. As expected,
trading throughout the first quarter was volatile as we annualised
against the high comparatives from last year.
Although there remains much uncertainty as to how consumer
spending evolves over the coming months, we remain optimistic that
our combination of exceptional value across a wide range of product
categories and our convenient Out of Town locations will continue
to resonate with customers."
Revenue
Q1 Q1
FY22 FY21
Total Group revenues GBP1,188.8m GBP1,154.8m
B&M UK(2, 4) GBP1,018.6m GBP987.8m
Heron Foods(2) GBP101.7m GBP113.0m
Babou GBP68.5m GBP54.0m
-------------- --------------
Total Group revenue growth (constant
currency)(1) +3.1% +27.7%
-------------- --------------
B&M UK one-year LFL(3) revenue
growth -4.4% +26.9%
-------------- --------------
B&M UK two-year LFL(3) revenue +21.3% n/a
growth
-------------- --------------
Store Roll Out
Q1 Q1
FY22 FY21
Number of Stores
Group 1,097 1,053
B&M UK 684 656
Heron Foods 308 295
Babou 105 102
-------- --------
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 FY21. This 14 month approach has been adopted
as it excludes the two month halo period which new stores
experience following opening. Two-year like-for-like revenues also
relate to the B&M UK estate only, and includes each store's
revenue for that part of the current period that falls at least 26
months after it opened compared with its revenue for the
corresponding part of FY20.
4. B&M UK revenues in Q1 FY22 include GBP13.2m of wholesale revenues (Q1 FY21: GBP11.0m).
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
684 stores in the UK operating under the "B&M" brand, 308
stores under the "Heron Foods" and "B&M Express" brands, and
105 stores in France operating under both the "Babou" and "B&M"
brands as at 26 June 2021. 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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