(Reuters) -Britain’s B&M narrowed its annual adjusted core profit forecast on Thursday, following a 2.8% increase in third-quarter group revenue, as the discount retailer focuses on volumes and competitive pricing.
B&M, which offers a wide range of products from hats and heaters to toys and food, built up stock early last year to mitigate the risk of supply chain issues during the crucial Christmas period. The retailer has also been focussing on competitive pricing as consumers face pressures on disposable income.
Like-for-like sales at B&M’s UK business dropped 2.8% in the quarter ended Dec. 28, though there was positive growth in the last month of the period, compared with a 1.9% decline in the second quarter.
“Pricing, availability, store standards and a disciplined opening programme will underpin positive volume growth across our ranges,” CEO Alex Russo said in a statement.
The company now expects its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to come in the range of 620 million pounds ($762.91 million) to 650 million pounds, revising its previous forecast range of 620 million to 660 million pounds.
($1 = 0.8127 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips)