UK Discount Retailer B&M Reports 26% Drop in Annual Profit Amid Cost Pressures
B&M Faces Profit Decline and Ongoing Cost Challenges
Annual Profit Results and Market Conditions
June 3 (Reuters) - British discount retailer B&M warned on Wednesday of upward cost pressures in the year ahead from the Middle East conflict, as it reported a 26% drop in annual profit on flat like-for-like UK sales and deep price cuts.
Product Range and Seasonal Sales Performance
The retailer, which sells everything from groceries, furniture to garden items, said it had seen a slow start to its key garden season, though better weather in late May has since driven a recovery in sales of seasonal categories.
Turnaround Strategy and Financial Overview
The group, which launched a turnaround strategy after two profit warnings in the past year, reported £459 million in adjusted core profit for the year ended March 28.
Reporting Credits
(Reporting by Simone Lobo and Yadarisa Shabong in Bengaluru; Editing by Subhranshu Sahu)
