B&M (LSE: BME) 3Q19 Trading Update: UK Growth Is Hit by a Tough November

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Key Points

  • B&M European Value Retail reported a 1.6% decline in U.K. comparable sales, below the consensus of 0.2% decline by Street Account.
  • Total U.K. revenue growth came in at 4.5%, supported by new store openings.
  • B&M posted group revenue growth of 12.1% at constant currency.

B&M U.K reported a 1.6% decline in comparable sales, below the 0.9% growth in first half and missing the Street Account consensus of a 0.2% decline.
After what the company called a “difficult November,” December B&M U.K. comps strengthened to 1.2%, while U.K. same-store cash gross margin was down in November but bounced back in December.
Group sales grew 12.1% year over year to £1.09 billion, slightly above the consensus of £1.08 billion, while total U.K. sales grew 4.5% year over year to £874.5 million.
B&M’s Jawoll chain in Germany grew revenues 5.5% at constant currency, while its Heron Foods chain in the U.K. grew revenues 12.6%.

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