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8 Sep 2021 09:36
8 September 2021
B&M European Value Retail S.A.
H1 FY22 Trading Update
B&M European Value Retail S.A. ("the Group"), the UK's leading variety goods value retailer, today provides a trading update relating to its performance to date for the half year ending 25 September 2021 ("H1 FY22").
Whilst Group revenues year to date have been broadly in line with market expectations, gross margins have been stronger than originally anticipated in the B&M UK fascia business.
Performance of General Merchandise and Seasonal categories has been particularly encouraging. Sell-through rates in those categories have been high and accordingly end of season markdowns have been limited.
As a consequence, the Group now expects adjusted EBITDA1 (on a pre-IFRS16 basis) for H1 FY22 (covering the 26 week period to 25 September 2021) to be in the range of £275m to £285m. The analysts' consensus estimate2 for H1 FY22 adjusted EBITDA1 is currently approximately £235m.
Although the Group is well positioned for the upcoming Golden Quarter, trading patterns and strength of customer demand remain highly uncertain for the balance of FY22.
The Group will provide further detail in its FY22 Interim Results on 11 November 2021.
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.
2. The consensus estimate for adjusted EBITDA in H1 FY22 is based upon the average of 10 analysts who have provided estimates for that period.
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
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