B&M European Value Retail SA (LON:BME) has said its half-year adjusted underlying earnings (EBITDA) are expected to be well above analyst consensus.
The convenience retailer estimates reporting EBITDA of £250mln-270mln for the six months to September 26, 2020, against an analyst consensus forecast of £208mln.
READ: B&M plans new stores as quarterly sales climb
In a trading update, the group reported a strong performance at the start of its financial year, with revenue climbing by 8% to £1.1bn in the quarter to June 27, 2020.
B&M's UK business remained open throughout lockdown, though France stores were closed for eight weeks, and the group experienced high demand for gardening and DIY products as people stuck at home found things to do.
"Today’s trading update highlights the potential pull forward on first-half earnings and whilst there is earnings upgrade pressure on FY2021 forecasts given the H1 performance," analysts at Shore Capital commented.
Shares added 3% to 453.95p on Tuesday morning.
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