At a Glance
B&M is a leading European variety discount retailer.
We make everyday life more affordable with every visit full of surprise.
- B&M UK £4,615m
- B&M France £616m
- Heron Foods £544m
- B&M UK £395m
- B&M France £53m
- Heron Foods £16m
- B&M UK £319m
- B&M France £36m
- Heron Foods £4m
- Includes colleagues at the French support centre, and those working in stores operated directly by the Group. Those colleagues working in stores operated under the mandated manager model are employed directly by the manager of each store, and are therefore not employees of the Group and so excluded from the number above.
- Adjusted values are considered to be appropriate to exclude unusual, non-trading and/or non-recurring impacts on performance which therefore provides the user of the accounts with additional metrics to compare periods of accounts. See notes 2, 3 and 4 of the financial statements for further details.
- Includes the corporate segment. For further detail, see note 3 of the financial statements and the reconciliation.
driver of growth
B&M has a significant discount retail presence across the UK, with 799 stores and a long-term ambition of opening up to 1,200. B&M’s original value proposition is strong and our stores enjoy strong customer loyalty. In the recent past, our UK execution has drifted, which has impacted sales. We see immediate opportunities to tackle this through Back to B&M Basics: an action plan we are confident can return B&M UK to sustainable like-for-like1 (LFL) growth.
This will be achieved through a relentless focus on price, ranging, in-store promotions and on-shelf availability, all of which are key areas of our Back to B&M Basics strategy.
On a gross basis, we opened 41 new stores in FY26. LFL sales declined by 0.1%, below our expectations. Our number one focus is restoring this in the year ahead through delivering on Back to B&M Basics, which is progressing at pace.
France has continued the transformative journey it embarked on since acquisition in 2018. All stores trade under the B&M banner. The proportion of FMCG sales is increasing as we expand our ranges and our new store opening programme continues, with 150 stores now open as of June 2026.
In General Merchandise, our product mix has evolved with a greater focus on home ranges. This product realignment, along with the B&M branding of our stores, has been well received by our customers.
In FY26, B&M France performed well in a competitive marketplace, taking share and delivering 2.9% growth in LFL sales. We continued to open new stores, with an additional 12 openings during the year and three more since. France shares many economic and demographic similarities with the UK. And with a smaller store estate there, we see a long growth runway ahead for B&M France.
convenience opportunity
Heron Foods continues to deliver value and convenience to customers looking to manage their budgets.
Over a number of years, Heron successfully enhanced its product ranges to broaden its appeal to both existing and new customer demographics. However, following exceptional performance in FY23 and FY24, the business has experienced a decline in LFL growth over the last two financial periods.
While this performance has fallen short of internal expectations, we are taking decisive action to stabilise profitability. Heron is now implementing a similar strategy of execution improvement as B&M UK, to bring about an improvement in LFL sales performance and ensure its value proposition continues to drive customer loyalty.
