Latest news with #TjeerdJegen
Daily Mail
15-07-2025
- Business
- Daily Mail
B&M shares slump to all-time low after meagre sales growth disappoints investors
B&M shares crashed to an all-time low after meagre sales growth disappointed 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.
Bloomberg
15-07-2025
- Business
- Bloomberg
Stock Movers: Barrett Redrow, B&M, Orsted
On this episode of Stock Movers: - Britain's biggest housebuilder Barratt Redrow Plc saw its annual sales fall short of previous guidance after weaker demand for its London homes, sending its share price plunging. The developer sold 16,565 homes in the year through June 29, despite saying in April it expected to sell between 16,800 and 17,200 units, according to a statement Tuesday. Barratt Redrow said this was mainly due to 'fewer international and investor completions than expected' in its London businesses. The company's share price fell as much as 13% in early trading, the most since September 2022 in the aftermath of former Prime Minister Liz Truss's mini budget. - B&M European Value Retail shares plunge as much as 14%, hitting their lowest level on record, after posting weaker topline growth than anticipated in the first quarter despite weak comparatives and favorable weather. Analysts note that this is the first formal update under CEO Tjeerd Jegen, with the focus at today's call on how he aims to improve growth. - Orsted climbs as much as 6.4% after Morgan Stanley upgrades the Danish offshore wind developer to overweight from equal-weight, saying in note that an improving risk/reward makes it 'worth a fresh look'. Analyst Rob Pulleyn says risks on legacy US projects are now declining, while renewables are 'at the turning of the cycle'.
Daily Mail
17-06-2025
- Business
- Daily Mail
New B&M boss scoops up £523k of discounted shares ahead of starting the job
The new chief executive of embattled discounter B&M Retail scooped up almost 200,000 shares in the group ahead of his first day on the job. Tjeerd Jegen took on the top job from interim boss Mike Schmidt on Wednesday, having previously help leadership roles with Tesco, Australia's Woolworths, and more recently, Accell Group. He joins at a tough time for B&M, which has seen profits come under pressure from a weak consumer environment and growing competition from other discounters. Regulatory filings published on Tuesday show Jegen bought 197,900 B&M shares in total between 10 and 13 June at roughly £2.61 to £2.70 each, building a stake worth £523,559.60. Retail industry veteran Jegen is considered an effective turnaround specialist. His B&M stake could prove lucrative if he manages to right the ship and improve the group's fortune, with its value having plummeted 55 per cent since the beginning of December 2023. B&M shares were up 1.8 per cent to 260.4p by late morning on Tuesday. Group revenue rose 3.7 per cent to £5.6billion last year, largely thanks to new store openings, but profits fell 13 per cent to £431million. B&M's margins have come under pressure as it has cut prices after its lower income customers have been squeezed by inflation, higher household bills, and lower wage growth compared to higher earnings Britons. The group still hopes to open 45 UK stores this year, with new locations including include Bridgend, Chatham and Cromer, after 45 were opened last year.
Scottish Sun
04-06-2025
- Business
- Scottish Sun
B&M sees profits fall 13 per cent to £431million – as shoppers cut back on spending
The retailer now has 777 stores in the UK B&M BLOW B&M sees profits fall 13 per cent to £431million – as shoppers cut back on spending Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BUDGET retailer B&M has seen profits fall 13 per cent to £431million as shoppers cut back on spending. The chain blamed poor weather at the start of its financial year for 'very subdued' sales of its garden centre range. Sign up for Scottish Sun newsletter Sign up 3 B&M has seen profits fall 13 per cent to £431million as shoppers cut back on spending Credit: Reuters And price cuts to attract customers are said to have reduced revenue from homeware, toys and electricals, and led to a profit warning in February. Nevertheless, the opening of 36 new stores has seen revenues grow by 3.8 per cent to £4.5billion in the year to March. The retailer now has 777 stores in the UK, as well as 343 Heron Foods and B&M Express outlets, and 135 shops in France. The chain, which was founded in Speke in 1978, said it had adjusted its range to include more products at higher prices, which had boosted both the volume and value of sales in recent months. B&M said: 'The underlying market trend towards discount retail continues, and the group's value proposition will continue to resonate with consumers.' Boss Alex Russo left in April but his successor Tjeerd Jegen is not due to take over until the middle of this month. Russ Mould, investment director at AJ Bell, said: 'The imminent arrival of a new CEO cannot come soon enough. 'Investors will be looking for the new boss to do a thorough review of the business, work out what's gone wrong and outline a plan to get back on top.' Shares in the chain plunged by 12 per cent yesterday. Mr Mould added: 'Shrinking profits, reduced cash flow and higher net debt frame a poor year for B&M. B&M launches their children's outdoor range which is perfect for summer - there's a £2 bargain that'll easily keep the kids entertained 'It should have mopped up extra business from cash-strapped people looking for bargains.' ALAS WH SMITH & TG JONES… WH SMITH said it is on track to complete the £75million sale of its high street chain — which will see its name changed to TG Jones. Its purchase by Hobbycraft owner Modella Capital, expected this month, means WH Smith, which opened its first branch in 1729, will quit the high street. 3 WH Smith is on track to complete the sale of its high street chain — which will see its name changed to TG Jones Credit: PA The 480 shops will become branches of TG Jones, with all staff moving to the newly named business. Sales at WH Smith's travel division, including shops in airports and stations, rose 5 per cent in the past three months. HEALTHY SERVING THE service sector returned to growth last month as customer confidence improved and fears over punishing US tariffs receded. The S&P Global UK services PMI survey produced a positive score of 50.9 in May from April's negative of 49, boosted by recovering global markets. The report also showed optimism among businesses rose to its highest since October. But service firms warned increased business uncertainty and budget pressure over higher labour costs 'continued to dampen demand'. PARAGON SURGE SPECIALIST lender Paragon Bank enjoyed a profits surge of 26.7 per cent to £149.4million in the past six months. Home lending soared as borrowers rushed to complete before the stamp duty holiday ended in early April. New lending surged by a quarter over six months to the end of March to £810million. Paragon made a £6.5million provision for its motor finance business while it waited for a court ruling, which could cost Lloyds Bank £1.2billion. The Supreme Court is to make a ruling in the summer. A GOLDEN YEAR FOR BROKER HIGH gold prices helped pawnbroker Ramsdens' profits rise 54 per cent in the past six months to £6.1million. The precious metal topped $3,500 per troy ounce for the first time on record in April, boosting interest among customers eager to cash in on jewellery. 3 Pawnbroker Ramsdens' profits have risen 54 per cent in the past six months Credit: Ramsdens The Middlesbrough-based chain sells it in its 169 stores, online or to a bullion dealer. Revenues for its jewellery shop also surged 18 per cent year on year. Boss Peter Kenyon said: 'The gold price allows us to pay the customer more, means we make more as well, and also helps pawnbroking a bit with some of the recoveries when people don't pay us back.' Rival pawnbroker H&T last month agreed to be bought by US giant Firstcash for nearly £300million. Mr Kenyon said: 'If someone came with a big chequebook we'd have to listen.' ECONOMY FAITH FALL CONFIDENCE in the state of our economy has fallen from 45 per cent to just 28 per cent in the past ten years. A series of economic blows, including the cost-of-living crisis, Brexit, Covid pandemic and geopolitical upheaval, has dented our optimism, according to the Barclays Ten Years of Spend report. But confidence in non-essential spending has held strong, at an average of 53 per cent, the report said. Unlock even more award-winning articles as The Sun launches brand new membership programme - Sun Club.
The Sun
04-06-2025
- Business
- The Sun
B&M sees profits fall 13 per cent to £431million – as shoppers cut back on spending
BUDGET retailer B&M has seen profits fall 13 per cent to £431million as shoppers cut back on spending. The chain blamed poor weather at the start of its financial year for 'very subdued' sales of its garden centre range. 3 And price cuts to attract customers are said to have reduced revenue from homeware, toys and electricals, and led to a profit warning in February. Nevertheless, the opening of 36 new stores has seen revenues grow by 3.8 per cent to £4.5billion in the year to March. The retailer now has 777 stores in the UK, as well as 343 Heron Foods and B&M Express outlets, and 135 shops in France. The chain, which was founded in Speke in 1978, said it had adjusted its range to include more products at higher prices, which had boosted both the volume and value of sales in recent months. B&M said: 'The underlying market trend towards discount retail continues, and the group's value proposition will continue to resonate with consumers.' Boss Alex Russo left in April but his successor Tjeerd Jegen is not due to take over until the middle of this month. Russ Mould, investment director at AJ Bell, said: 'The imminent arrival of a new CEO cannot come soon enough. 'Investors will be looking for the new boss to do a thorough review of the business, work out what's gone wrong and outline a plan to get back on top.' Shares in the chain plunged by 12 per cent yesterday. Mr Mould added: 'Shrinking profits, reduced cash flow and higher net debt frame a poor year for B&M. B&M launches their children's outdoor range which is perfect for summer - there's a £2 bargain that'll easily keep the kids entertained 'It should have mopped up extra business from cash-strapped people looking for bargains.' ALAS WH SMITH & TG JONES… WH SMITH said it is on track to complete the £75million sale of its high street chain — which will see its name changed to TG Jones. Its purchase by Hobbycraft owner Modella Capital, expected this month, means WH Smith, which opened its first branch in 1729, will quit the high street. 3 The 480 shops will become branches of TG Jones, with all staff moving to the newly named business. Sales at WH Smith's travel division, including shops in airports and stations, rose 5 per cent in the past three months. HEALTHY SERVING THE service sector returned to growth last month as customer confidence improved and fears over punishing US tariffs receded. The S&P Global UK services PMI survey produced a positive score of 50.9 in May from April's negative of 49, boosted by recovering global markets. The report also showed optimism among businesses rose to its highest since October. But service firms warned increased business uncertainty and budget pressure over higher labour costs 'continued to dampen demand'. PARAGON SURGE SPECIALIST lender Paragon Bank enjoyed a profits surge of 26.7 per cent to £149.4million in the past six months. Home lending soared as borrowers rushed to complete before the stamp duty holiday ended in early April. New lending surged by a quarter over six months to the end of March to £810million. Paragon made a £6.5million provision for its motor finance business while it waited for a court ruling, which could cost Lloyds Bank £1.2billion. The Supreme Court is to make a ruling in the summer. A GOLDEN YEAR FOR BROKER HIGH gold prices helped pawnbroker Ramsdens' profits rise 54 per cent in the past six months to £6.1million. The precious metal topped $3,500 per troy ounce for the first time on record in April, boosting interest among customers eager to cash in on jewellery. The Middlesbrough -based chain sells it in its 169 stores, online or to a bullion dealer. Revenues for its jewellery shop also surged 18 per cent year on year. Boss Peter Kenyon said: 'The gold price allows us to pay the customer more, means we make more as well, and also helps pawnbroking a bit with some of the recoveries when people don't pay us back.' Rival pawnbroker H&T last month agreed to be bought by US giant Firstcash for nearly £300million. Mr Kenyon said: 'If someone came with a big chequebook we'd have to listen.' ECONOMY FAITH FALL CONFIDENCE in the state of our economy has fallen from 45 per cent to just 28 per cent in the past ten years. A series of economic blows, including the cost-of-living crisis, Brexit, Covid pandemic and geopolitical upheaval, has dented our optimism, according to the Barclays Ten Years of Spend report. But confidence in non-essential spending has held strong, at an average of 53 per cent, the report said.
