BME has reported 3Q UK LFL sales growth of 3.9% v consensus of around +4% and a tough comparative of +7.2%. Growth has come in lower margin food and FMCG which we believe continues to be vulnerable to price competition for food retailer own brands and in any event dilutes the benefit of sales growth at the bottom line. Germany sales rate declined from +11% 1H to +8% 3Q perhaps indicating negative LFL getting worse in short term. Management is happy with existing EBITDA consensus. The only pri
12 Jan 2018
In line Christmas trading
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In line Christmas trading
B&M European Value Retail SA (BME:LON) | 545 1.1 0.0% | Mkt Cap: 5,467m
- Published:
12 Jan 2018 -
Author:
Tony Shiret -
Pages:
3
BME has reported 3Q UK LFL sales growth of 3.9% v consensus of around +4% and a tough comparative of +7.2%. Growth has come in lower margin food and FMCG which we believe continues to be vulnerable to price competition for food retailer own brands and in any event dilutes the benefit of sales growth at the bottom line. Germany sales rate declined from +11% 1H to +8% 3Q perhaps indicating negative LFL getting worse in short term. Management is happy with existing EBITDA consensus. The only pri