B&M: Retailer B&M forecasts annual profit above midpoint of outlook range

(Reuters) - Discount retailer B&M on Tuesday forecast annual profit above the midpoint of its outlook range, buoyed by strong sales from new stores and its French operations, and cost-cuts that are helping it offset cautious demand from customers. Most of Britain's major retailers such as M&S and Next have warned of a tough year ahead, with shoppers seen staying away amid inflationary pressures, and as the government's proposed employer tax increases saddles companies with higher costs. B&M, which sells everything from hats and heaters to toys and food, operates more than 1,100 stores across the UK and France under its eponymous brand and Heron Foods. In February, the company projected adjusted core earnings for the year ended March 29 to range between 605 million pounds and 625 million pounds ($798.8 million and $825.3 million), implying a midpoint profit of 615 million pounds. The company said its annual revenue stood at 5.6 billion pounds. B&M, whose CEO Alex Russo will be retiring at the end of this month, said that the board is making progress in its search for a successor, with an announcement expected in the coming weeks. ($1 = 0.7573 pounds) (Reporting by Pushkala Aripaka in Bengaluru; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips) (Reuters) - Discount retailer B&M on Tuesday forecast annual profit above the midpoint of its outlook range, buoyed by strong sales from new stores and its French operations, and cost-cuts that are helping it offset cautious demand from customers. Most of Britain's major retailers such as M&S and Next have warned of a tough year ahead, with shoppers seen staying away amid inflationary pressures, and as the government's proposed employer tax increases saddles companies with higher costs. B&M, which sells everything from hats and heaters to toys and food, operates more than 1,100 stores across the UK and France under its eponymous brand and Heron Foods. In February, the company projected adjusted core earnings for the year ended March 29 to range between 605 million pounds and 625 million pounds ($798.8 million and $825.3 million), implying a midpoint profit of 615 million pounds. The company said its annual revenue stood at 5.6 billion pounds. B&M, whose CEO Alex Russo will be retiring at the end of this month, said that the board is making progress in its search for a successor, with an announcement expected in the coming weeks. ($1 = 0.7573 pounds) (Reporting by Pushkala Aripaka in Bengaluru; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips)