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B&M European Retail

January 2015

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

ollowing our main write-up on discount retailer B&M its results disclosed little in the way of new detail. Revenues and EBITDA rose 30% and 34% respectively to £740m and £73m, the latter £2m ahead of Numis’ forecast.UK like-for-like sales grew 4.8% while gross margins rose 0.8% to 34.7%, driven by better buying, lower mark-downs in non-grocery and a strong sell through in gardening / outdoor.As Numis notes the outlook is encouraging as the pain of price deflation for the big chains is forcing them to seek to offload capacity and B&M is in talks with 8 national retailers to acquire some of their space. Encouragingly, it has even revised up its new store opening target from 40 to 50 outlets for n ...

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B&M European Retail

January 2015

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