"Budget retailer B&M has issued a profit warning for the year, attributing the downturn to sliding UK sales and soaring operational costs. The group reported a worse-than-expected 1.1 per cent drop in UK like-for-like sales during its second quarter, projecting half-year underlying earnings to plummet by 28 per cent to approximately 198m. This financial pressure follows a significant 30m surge in wage costs in the first half, ending 27 September, compounded by a 14m packaging tax under new Extended Producer Responsibility rules."
"Consequently, B&M now anticipates full-year underlying earnings to fall between 510m and 560m, representing a potential 18 per cent decline from the previous year. The company stated it is taking "decisive actions" to bolster its flagging performance, though it cautioned these measures could take up to 18 months to materialise. B&M expressed confidence that these steps "will restore B&M's value proposition and support a return to sustainable like-for-like sales growth for B&M UK.""
The Independent solicits donations to fund on-the-ground reporting across issues including reproductive rights, climate change and Big Tech while maintaining no paywalls. Donations are described as enabling journalists to speak to both sides and to produce documentaries such as 'The A Word', which highlights American women fighting for reproductive rights. Separately, budget retailer B&M issued a profit warning after a 1.1 per cent fall in UK like-for-like sales in the second quarter. The group forecasts half-year underlying earnings to fall about 28 per cent to approximately 198m, cites a 30m rise in wage costs and a 14m packaging tax, and now expects full-year underlying earnings of 510m–560m, warning that recovery measures may take up to 18 months.
Read at www.independent.co.uk
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