(Corrects to drop reference to profit being below expectations in headline and paragraph 1; says adjusted operating profit in paragraph 4, not adjusted core profit)
(Reuters) -Britain’s B&M appointed Helen Cowing as its interim finance chief on Thursday and reported a 31.5% drop in its half-year adjusted operating profit as the discount retailer struggled with weak consumer demand and cost pressures.
British retailers are navigating a difficult environment, with high interest rates and persistent, albeit slowing, inflation forcing many households to cut back on discretionary spending amid worries of possible tax hikes in the upcoming budget.
B&M, which sells everything from garden furniture and electrical items to toys and food, disclosed a turnaround strategy under new boss Tjeerd Jegen, from which it hopes to restore sales and pull up profits.
The company reported adjusted operating profit of 177 million pounds ($237.55 million) for the 26 weeks ended September 27, below 258 million pounds in the year ago period.
($1 = 0.7451 pounds)
(Reporting by Rishab Shaju and Yamini Kalia in Bengaluru; Editing by Mrigank Dhaniwala and Subhranshu Sahu)
