StockMarketWire.com - Retailer B&M European Value Retail said half-yearly profit fell sharply, owing to a writedown at its Jawoll business in Germany amid operational issues.
For the 26 weeks to 29 September 2019, pre-tax profit fell 70.5% to £32.2m and revenue increased 12.4% to £1.76bn.
The fall in profit was driven mainly by an impairment charge of £59.5m relating to Jawoll.
'The performance of Jawoll has continued to be impacted by trading and operational issues and its financial performance remains disappointing. The Board is carrying out a strategic review of Jawoll in order to determine its future,' said Simon Arora, chief executive.
The retailer opened 30 gross new B&M UK store openings, and was on track to open at least 46 net new B&M UK stores this financial year.
The interim dividend was in line with last year's 2.7p a share.
Trading so far in the third quarter had seen continued solid like-for-like sales growth in the B&M UK stores business and it was well placed for the 'golden quarter,' trading, the company said.
At 8:59am: [LON:BME] BM European Value Retail share price was -28.8p at 349.2p
Story provided by StockMarketWire.com
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