B&M Appoints New CEO, Launches Turnaround Plan Amid Profit Drop
B&M, a leading UK retailer, has reported a challenging period. The company, which operates 786 stores under its main brand and 344 under Heron Foods and B&M Express, has seen profits plummet and shares hit an all-time low. Meanwhile, the retail sector as a whole grapples with increased costs, and businesses await the November Budget with apprehension.
B&M's half-year profits are set to drop by 28% compared to the previous year. The retailer has attributed this to higher costs, including a £14 million hit from a new packaging levy and a £30 million increase in wage costs. Additionally, sales in the UK fell by 1.1% in the three months to September 27.
In response to these challenges, B&M has appointed a new CEO, Tjeerd Jegen, who launched the 'Back to B&M Basics' strategy in June 2025. This plan aims to boost sales by reducing prices on key products, offering flexible promotions, simplifying product ranges, and improving shelf availability. Jegen has a 12-18 month plan to revive sales growth.
B&M's struggles reflect broader industry challenges, with retailers across the sector facing higher costs totaling an extra £7 billion since last autumn. As businesses await the November Budget, fears of further tax increases loom. Despite these headwinds, B&M is taking proactive steps to revitalize its sales and navigate the current retail landscape.
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