B&M shares slump to all-time low after meagre sales growth disappoints investors
Sales rose just 1.3 per cent across its 700 UK shops over the 13 weeks to June 28. Total group sales increased by 4.4 per cent to £1.4billion.
And it said sales of its fast-moving consumer goods – which include packaged food and cleaning products – fell during the period.
Shares fell by as much as 13 per cent yesterday to a fresh low of 223p, before closing down 9.1 per cent at 234.3p.
Last month, the retailer pointed to a 'challenging UK retail trading environment'. It said its core customer base of lower-income consumers were hesitant to spend due to 'limited real wage growth'.
Boss Tjeerd Jegen, who started last month, also hinted at a major overhaul ahead of the crucial Christmas period.
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