(Reuters) -Discount retailer B&M forecast a 28% plunge in first-half core earnings and lower annual profit on Tuesday, after its new chief executive admitted “weak” operational execution had hurt trading performance in its home market.
CEO Tjeerd Jegen, who took charge in June, said B&M has launched a plan called “Back to B&M Basics”.
It envisages restoring like-for-like sales growth in its UK business, including cutting prices on key groceries, simplifying product ranges, and improving stock availability on shelves.
The move comes as British retailers brace for another tough year, marred by rising costs related to wages and insurance contributions, and economic uncertainty.
The company said it expects core profit of between 510 million pounds and 560 million pounds ($665 million-$730 million) for the year ending March 2026, compared with 620 million pounds reported a year earlier.
It forecast 198 million pounds in profit for the first half.
($1 = 0.7440 pounds)
(Reporting by Shashwat Awasthi; Editing by Mrigank Dhaniwala and Harikrishnan Nair)
