// B&M expects to retain existing customers and gain new ones as Brits trade down during cost-of-living
// In its half-year results, adjusted earnings in the UK slipped by 22% to £200m
B&M has said it remains confident as customers continue trading down during the cost-of-living crisis.
The discounter said it is “well positioned” to reap the rewards of customers who were trading down in both grocery and non-grocery.
B&M would “expect to retain many of these consumers into any economic recovery” as bosses said they will focus on long-term customer loyalty.
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In its half-year results, adjusted earnings in the UK slipped by 22% to £200 million.
For the first six weeks of the golden quarter, like-for-like sales were up 2.5%.
Core earnings stood at £232 million for the six month period, depleted by 17.9%, after raking in £2.31 billion sales, an increase of 1.8%.
B&M stuck to its previous earnings guidance of £550 million to £600 million, which would be significantly ahead of its pre-pandemic performance of £342 million.
“Sales momentum is good as we enter a difficult period for the economy and consumers,” B&M CEO, Alex Russo said.
“Our value based approach is winning with existing and new customers, and we will do our very best to help them weather the cost-of-living crisis.
“We are well positioned as we trade through the Golden Quarter and our strategy remains unchanged – a relentless focus on price and product.”
