Lower-income consumers missing out on pay rises fuels fall in sales at B&M

Sales at B&M’s UK stores fell by 3.1% in the 12 months to the end of March, while profits slid by 13.2% to £431m. Photograph: Maureen McLean/Rex/Shutterstock

One of Britain’s biggest discount retailers has blamed a slide in sales and profits on lower-income consumers missing out on wage rises.

B&M, which issued a profit warning in February, said consumers had been more cautious about their spending over the past year.