B&M European Value Retail SA (LSE:BME) narrowed its profit guidance for the past year to March and said it will announce a new chief executive "in the coming weeks"
Having made a profit warning in February, the discount retailer said the final level of adjusted EBITDA is expected to be "above the midpoint" of the guidance range it gave at the time of £605 million to £625 million.
Revenues for the 52-week period to 29 March 2025 came in at £5.6 billion, representing a 3.7% increase on the prior year.
Like-for-like sales for the UK business fell 3.1%, with a decline of 1.8% in the fourth quarter. B&M France saw LFL sales rise 2.6%, helped by a 3.2% increase in the final quarter.
General merchandise categories in the UK recorded growth in both sales value and volume during the final quarter, but FMCG sales declined on a LFL basis but remained positive in total value and volume. "Actions are underway to improve FMCG LFL performance," the company said.
Gross profit margins in the UK were described as "robust", with volume growth and stronger general merchandise trading but operating costs increasing 6% due to higher store numbers, increased volumes and wage rates, partly offset by productivity gains.
A "redomicile" process was said to be progressing and is expected to complete within the 2025 calendar year.
The board reported making "progress" on the replacement of CEO Alex Russo, who departed alongside the profit warning.