Executive Summary

• B&M reported 1Q20 group sales of £967.7 million up 21.4% year over year as reported and on a constant-currency basis, and ahead of the consensus estimate of £934.5 million recorded by StreetAccount.
• The company grew its UK B&M banner revenues 13.8% year over year to £738.9 million. UK B&M comparable sales growth was 3.9%, beating the consensus estimate of 3.5%.
• B&M plans to open 50 new B&M UK banner stores and close five stores in fiscal 2020. It also expects to open between 15 and 20 Heron Foods stores, net, in the fiscal year.