Value retailer B&M has reported an improving sales trend during its first quarter despite overall revenue declining.
According to its Q1 trading update for the 13 week period to 25 June 2022, group revenue declined 2.2% on a constant currency basis but saw an ‘improving trend’ during the quarter.
In the core B&M UK fascia, one-year like-for-like revenue was down 9.1% for the quarter overall.
Due to exceptionally high sales in April 2021 as previously disclosed and the distorting nature of these comparatives, the Group said over the five week trading period of April 2022, one-year LFL revenues were down 19.1%, driven by elevated sales in the prior year.
Meanwhile, over the subsequent eight week trading period covering May and June, one-year LFL revenues were down 1.6%.
B&M said that its online trial for around 1,000 big-ticket items has been launched and is now available for delivery to home.
The group added that there has been no change to guidance issued on 31 May 2022 with FY23 Group adjusted EBITDA expected to be in the range of £550m to £600m.