Latest news with #TjeerdJegen
Scottish Sun
2 days ago
- 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
2 days ago
- 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.
Times
15-05-2025
- Business
- Times
Ex-Tesco executive Tjeerd Jegen to head B&M European Value Retail
A seasoned retail executive with experience at Tesco has been appointed as the new chief executive of B&M European Value Retail. Tjeerd Jegen, most recently the boss of Accell Group, Europe's largest ebike manufacturer, will take over from interim chief executive Mike Schmidt on June 16. In February the discount retailer announced that Alex Russo would retire as chief executive after three years in the role as it cut full-year profit forecasts to reflect 'the current trading performance of the business, an uncertain economic outlook and the potential impact of exchange rate volatility on the valuation of our stock'. Jegen has held roles at Takko Fashion, a German discount fashion retailer, Hema, a Dutch retailer, and Woolworths in Australia. He was chief executive of Tesco
Daily Mail
15-05-2025
- Business
- Daily Mail
B&M names ex-Tesco executive as retailer's new CEO
B&M has named retail industry veteran and turnaround specialist Tjeerd Jegen as its new chief executive, taking over from interim boss Mike Schmidt on 16 June. Jegen has held several leadership roles, including as chief executive of Tesco's Malaysia arm in 2010 and head of supermarkets and petrol at Australia's Woolworths from 2011 to 2015. Most recently, he served as the boss of Accell Group. B&M chair Tiffany Hall said Jegen had a 'strong track record of driving growth and transformation'. She added: 'He is a highly talented international business leader with in-depth retail experience gained in Europe, Asia and Australasia across the grocery, general merchandise and value sectors.' Jegen said: 'I'm honoured to join one of Europe's leading value retailers at such a pivotal time.' He added: 'Value retail plays a crucial role in the lives of millions of consumers, and I'm passionate about working with the team to drive growth through great products, operational excellence, and a strong customer focus.' The appointment comes just two weeks after the retailer named its finance boss as acting interim chief executive. In late February, B&M, which sells everything from hats and heaters to toys and food, said former chief executive Alex Russo, who has held the top job since September 2022, would retire at the end of April. B&M shares had gained about 6.5 per cent during Russo's tenure, but lost nearly a third of their value last year. The retailer's share price fell to an eight-year low in February after it posted a profit warning. In a trading update in April, B&M unveiled a better end to a tough year, analysts said. Sales increased by 3.7 per cent in the year to March, broadly in line with forecasts. The group's EBITDA is expected to be above the mid-point of the £605million to £625million guidance range, with the consensus forecast sitting at the £615million mid-point. Last month, B&M has said it plans to open 45 new stores across Britain this year, with some of the locations already revealed. B&M unveiled 16 locations for new stores, including Antrim, Doncaster and Winsford. Some will be opening in a matter of weeks. Other locations where new B&M stores will be opening this year include Bridgend, Chatham and Cromer. B&M's fresh store expansion comes after the success of its 45 new store openings in 2024. The full list of 45 locations for new store openings is yet to be revealed, but shoppers can keep checking the retailer's website for any updates. Discount chain B&M agreed to buy dozens of shops from the collapsed retailer Wilko in September 2023. Wilko fell into administration in August 2013 as it battled with sharp losses and a cash shortage. Retailers have been hit with a barrage of rising costs and taxes. Following Labour's Budget in October, employer national insurance contributions have increased, as has the national minimum wage.
