UK's B&M Expects Annual Profit Ahead Of Estimates On Early Decision To Import Stock
UK's B&M European Value Retail SA forecast annual profit ahead of estimates.
UK's B&M European Value Retail SA on Thursday forecast annual profit ahead of estimates, following the discount retailer's decision to take delivery of imported stock earlier than usual.
The country's retailers are grappling with global supply chain bottlenecks, domestic labour shortages and stricter restrictions during the holidays to tackle a surge in COVID-19 infections due to the Omicron variant.
"Our decision to take receipt of imported Christmas stock early in the season meant we were able to provide customers with great products at great prices," Simon Arora, chief executive officer said.
Adjusted Core Earnings
B&M, which sells everything from food to gardening and DIY products, said it now expects group adjusted core earnings for the 12 months ending March between £605 million ($817.8 million) and £625 million, compared with a company-compiled estimate of £578 million.
The company recorded third-quarter group revenue growth of 0.1% on a constant currency basis compared with last year.