B&M European Value Retail S.A. (BME) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody. I hope you're all well. Welcome to B&M's full year results presentation for 2025. Today, we're covering our performance through the 52 weeks ending 29th of March. I'm Mike Schmidt, the group CFO, and I'll be leading the presentation today. Joining me, three familiar faces, Gareth Bilton, our buying director. Almost got that wrong. Moved on. John Parry, our Supply Chain Director, and James Kew, our Retail Director. Today's presentation clearly is all about the results for 2025. There's clearly been challenges that we faced, but we're addressing those in the short term and we'll talk about that. And ultimately, the presentation today is also about the resilient performance that we've delivered for the full year and how our investment case for the business continues to be attractive. I should say up front that we're also looking forward to Church Yegan joining as CEO in just a couple of weeks' time, and I know that he's very much looking forward to meeting all of you as well once he's had a chance to work through his induction. I should also mention up front that, as you may remember, 2024 was a 53-week financial year. As we go through the presentation for 2025's outturn, You will see, to help you assess the underlying progress that we've made, we show a 52-week prior year comparison where that's the most appropriate thing to do. So, just starting off with a bit of a summary. Overall, in 2025, the disappointing like-for-like sales that we saw actually translated into resilient profit delivery and continued total revenue growth. Looking at the headline shape of the announcement, revenues reached £5.6 billion, which was up 3.7% year on year. This growth was primarily driven by the new stores across the group contributing well. The UK Like for Like...