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B&M has revealed a slide in its profits as it pushes turnaround efforts under its new boss.
The company also announced changes to its leadership team amid efforts to improve performance following recent weak trading.
On Thursday, B&M European Value Retail reported group pre-tax profits fell 55.6% to £75 million for the six months to September 27 compared with a year earlier.
Group revenue rose 4% in the half year to £2.75 billion.
In the UK, total sales rose 3.5% as further store openings helped boost performance, with like-for-like sales up 0.1%.
Bosses said the group’s “back to basics” plan, launched last month, is progressing, with price changes already taking place.
The company said it has “sharpened” its value proposition, including several price cuts.
B&M has also significantly reduced its product range in several categories amid efforts to streamline its operations and reduce costs.
Tjird Gegen, who was appointed chief executive earlier this year, said: “Our Back to B&M Basics plan is progressing and we are taking decisive action to improve our retail execution and restore our financial performance.
“While the full financial benefits will be realized over time, I am confident that our actions can sustainably restore similar sales growth to B&M UK, which is our number one priority and, in the medium term, result in low double-digit UK adjusted earnings margins.
“Meanwhile, our store presence in the UK and France “We continue to expand, supporting group revenue growth as we reach new customers and support them in these uncertain economic times.”
It came as the group also announced the appointment of Simon Hathaway as its new group business director and Helen Cowling as interim finance head.