The discount retailer blamed challenging market conditions, yet its value-led business model should have thrived in a period where consumers were watching their pennies, an expert said B&M is expanding across the UK (Image: (Image: Getty) )

Budget retailer B&M has revealed a dip in UK sales as it faced cautious shoppers and weak wage growth for lower-income households. The retail chain said cutting some of its prices had resulted in it making less money for products like homeware, toys, and electricals.

In the UK, revenues declined by 3.1% over the year to March 29, compared like-for-like with the previous year . However, including the impact of the 36 net new stores opened over the year, revenues grew by 3.8% to £4.5 billion. The group’s pre-tax profit fell 13% to £431 m

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