B&M Sees Revenue Boost Amidst Tough Competition

Discount retailer B&M reported a 2% rise in first-quarter revenue, driven by strong growth in France and a Heron Foods rebound, despite a slight decline in UK sales. Under CEO Tjeerd Jegen, the company is striving to spur growth amidst competitive pressures and past financial missteps.

B&M, the discount retailer, announced a 2% increase in its first-quarter group revenue. This was due to robust growth in France and a recovery at its Heron Foods unit, which helped offset the decline in like-for-like sales in its primary UK market.

CEO Tjeerd Jegen is leading efforts to rejuvenate growth following a challenging period last year. The company faced stiff competition from supermarket loyalty programs, economic pressures on low-income consumers, and an accounting issue that came to light prior.

Despite the decline in UK like-for-like sales by 2.3%, attributed to a sluggish start to the garden season, B&M achieved a group revenue of £1.43 billion ($1.92 billion) by the quarter's end on June 27.