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B&M is taking steps to improve its performance after a period of falling sales in its existing UK stores continued into its fourth quarter.
Like-for-like for sales at B&M UK were down 3.1%, offsetting a stronger performance in France, where they were up by 2.6%.
B&M UK opened 45 new stores in the year, in line with previous guidance. The retailer said these were performing in line with expectations and generating strong returns, with another 45 new stores expected this financial year.
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Morning update
Retailers saw some “green shoots” of recovery in consumer spending in March, driven by the warmer weather and Mother’s Day gifts, according to two separate reports.
Retail sales rose 1.1% last month compared with the same period last year, despite a later Easter distorting the figures, according to KPMG and the British Retail Consortium.
New figures from Barclays this week also showed an 0.5% rise in consumption in March.
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UK business confidence has fallen to its lowest level in over two years due to concerns over tax rises and a global trade war, according to a survey.
The first quarter of the year has been “harrowing” for British companies, according to the Institute of Chartered Accountants in England & Wales, leading its confidence monitor to fall to –3, its lowest ebb since the end of 2022.
“These figures suggest that this year has so far been a pretty harrowing one for the UK economy as accelerating anxiety over future sales performance, April’s eye-watering tax hike and US tariffs helped push business sentiment into ominous territory,” said Suren Thiru, the organisation’s economics director.
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