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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessB&M (BMELN; Ba1/BB+; Stable) 1Q (to June) trading update
Only a trading update so limited info but headline is soft at -3.5% same store sales for UK. Margin comments & cash flow outlook are positive. We will wait for earnings call but B&M28s value view was on RV, broader LT growth/expansion plans and BS discipline (targets net ex. leases of 1-1.5x which is rating eqv. of gross ~3x). The 30s being issued at UKT+408/8.125% will always be a head-scratcher for us - those that went in then have netted over 11% in total returns in 8-months.
- 1Q B&M UK revenue were £1.1b (+1.5%) but Like for Like in UK was -3.5% decline.
- France was £0.13b (+7.5%) and Heron Foods £0.14b (+2.7%). Reminder Heron is a UK discount supermarket chain it acquired in 2017 for £152m.
- It left group at £1.3b (+2.4%).
- It opened 19 stores in UK and still on track for 45 this year. It added 2 in France and on track for 11.
- Trading update so it's not giving margins but says "Q1 gross margin performance has been strong and in-line with expectations".
- 1H results which it says will come with FY guidance, comes 14th November
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.