Future Growth ProspectsThe full impact of the 'Back to B&M Basics' will take 12-18m, but management is confident it will return LFL growth, with EBITDA margins at least at the FY26 level.
Operational ImprovementsThe plan to fix B&M's basics looks sensible enough, and the group's FMCG pricing position has improved notably.
Pricing StrategyActions are being taken to improve performance: 1) lowering prices on 35% of FMCG KVIs by an average of 1.8%, 2) adding excitement to 'Managers Special' promos, 3) reducing SKUs and clearing discontinued ranges, and 4) improving availability that is below benchmarks.