British retailer B&M's sales drop in first quarter

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A person walks through the car park of a B&M store in London, Britain, November 19, 2021. Picture taken November 19, 2021. REUTERS/May James

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June 29 (Reuters) - British discount retailer B&M (BMEB.L) on Wednesday reiterated its outlook for fiscal 2023 core profit and reported a dip in first-quarter group sales, reflecting a tough comparison with a year-ago period when consumers stocked up during lockdowns.

The FTSE 100-listed firm, which sells everything from food to homeware, gardening and do-it-yourself products, said its group revenue dropped to 1.16 billion pounds ($1.41 billion) in the first quarter ended June 25, down from 1.19 billion pounds a year ago.

B&M said there were no changes to its outlook, with fiscal 2023 group adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) expected to be in the range of 550 million pounds to 600 million pounds.

($1 = 0.8207 pounds)

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Reporting by Amna Karimi in Bengaluru; Editing by Sherry Jacob-Phillips

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