B&M European Value Retail Raises Fiscal 2024 Guidance
B&M European Value Retail has revised its fiscal 2024 guidance following improved sales and margins. The convenience retailer, listed on the FTSE 100, now expects adjusted earnings before interest, taxes, depreciation, and amortization for fiscal 2024 to be in the range of £620 million to £630 million ($761.7 million to $774 million). This is higher than the previous expectation of surpassing last year's figure of £573 million.
Strong Growth Across All Channels
B&M attributed its positive outlook to the strong performance of all four of its growth channels. The company emphasized its unwavering commitment to low prices, cost control, simplicity, and disciplined profitable growth.
Financial Results
For the six months ended September 23, B&M reported a pre-tax profit of £222 million, a significant increase from £201 million during the same period last year. Adjusted EBITDA also showed growth, rising from £232 million to £269 million.
Dividend Increase
The board of B&M has declared an interim dividend of 5.1 pence per share, up from 5.0 pence per share the previous year.
