The capacity of B&M European Value Retail to leverage its status as a discounter in the cost of living crisis has never been clear-cut. True, there is the chance it could attract more shoppers trading down, but the fallout from stubbornly high inflation also has a disproportionate effect on the lower-income households that make up the core of budget retailers’ customer base.
Just how much share has the retailer taken amid the pressure on household finances? Like-for-like sales in the core British business were only 0.7 per cent higher over the 12 months to the end of March — a disappointing showing, even if at least half of that was the result of increased transaction volumes rather than simply price inflation. Pre-tax profits fell by
