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B&M European Value Retail lowers guidance; declares special divi as revenue rises in Q3
StockMarketWire.com
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Discount retailer B&M European Value Retail lowered its annual earnings guidance, but declared a special dividend after reporting that third-quarter revenue rose by more than a fifth.
The company narrowed its adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, guidance to within the range of £540 million to £570 million, from £600 million to £650 million following a voluntary payment of business rates in FY21 amounting to approximately £80 million.
For the 13 week period from 27 September 2020 to 26 December 2020, revenue was up 22.5% on a constant currency basis year-on, with B&M UK stores revenue up 26.6%, including like-for-like growth of 21.1%.
The company said it would pay a special dividend of 20.0p per share.
At the end of Q3, there were a total of 1,075 stores across the group and the company said the business remained on track to open a further 18 stores in Q4, with 45 gross new stores this financial year, offset by 10 closures.
Looking ahead, the company said that with lockdown restrictions in the UK having tightened there remained uncertainties ahead.
'With our combination of exceptional value and convenient Out of Town locations, we are confident that our business model will prove highly relevant to the needs of customers in 2021,' it added.
Story provided by StockMarketWire.com
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