Following today’s release of B&M’s Q3 results for the 12 weeks ending 27 December 2025; Ashley Adeyemi, retail analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “B&M’s Q3 FY2025/26 update reflects a retailer caught between short-term pain and a long-term reset, with underlying momentum still patchy. Group revenue grew 2.9% overall, but UK like-for-like (l-f-l) sales declined 0.6%. December offered a glimmer of hope with 3.0% l-f-l growth, driven by strong sell-through in seasonal categories such as grocery, gifting, toys and Christmas ranges. However, this modest recovery has not offset broader weakness as ongoing challenges around stock availability and value perceptions have weighed on the core B&M UK business. With full-year EBITDA guidance revised to £440–475m (from £470–520m) due to heavier discounting, deeper price investments and clearance to improve stock quality, it is clear that the price of fixing past missteps is high.
“At the heart of B&M’s recovery is its “Back to Basics” plan, which is now transitioning from the pilot phase to wider implementation. This includes SKU reductions in FMCG and stock availability improvements, but the full benefits will take time to materialise. Additionally, the retailer’s core proposition, low prices with a treasure hunt feel, risks being an insufficient point of difference in a more competitive and value-focused landscape. With no loyalty scheme, little digital engagement, and a customer experience that relies heavily on price perception alone, there is little to differentiate B&M from rival discounters beyond scale. Store growth continues (14 new UK openings in Q3 and up to 45 expected in FY2025/26), but without stronger investment in keeping the proposition fresh, whether through evolving formats, services or partnerships, expansion risks becoming expensive square footage rather than a lever of meaningful growth. The Range, for example, has revitalised former Homebase sites and integrates ‘Garden Centres by Homebase’ concessions and click & collect in its stores, broadening its value proposition and reinforcing its relevance across a wider range of shopping missions.
“France remains the group’s outperformer, with total revenue up 8.5% and l-f-l sales edging up 0.4% despite a market facing continued cost-of-living pressure. The format has proved resilient and continues to resonate with shoppers. But at a small fraction of the group’s revenue (10.7% in Q3), it is not yet large enough to offset UK softness. B&M’s strategy is moving in the right direction: its reset is serious, and its executive bench, now strengthened with key new hires, shows intent. However, with continued margin pressure and a still-sluggish UK core business, the turnaround remains a work in progress—less a comeback, more a controlled rebuild.”
