This comes as the company implements a “decisive plan” to combat declining profits and stagnant growth.
The issue has become so bad that the firm’s share price has fallen by some 30% during this year alone.
B&M announces price slash on a range of items as it implements ‘decisive plan’ to return to growth
CEO Tjeerd Jegen, who joined B&M in June, said that delivering sustainable growth is now an “absolute priority”.
He said: “Since becoming CEO in June, I have led the business through a comprehensive review of our customer proposition and operations.
“We have concluded that while B&M’s value proposition remains strong, our operational execution has been weak.
“This has impacted our first-half trading performance, and this is reflected in the full-year outlook.”
It is thought that the half-year underlying earnings for the retailer will fall by 28% to just £198 million.
It is also expected that the full-year underlying earnings will fall by up to 18% on the previous year.
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Over 35% of key value products have had their prices reduced by an average of 1.8%.
The chain is also looking to cut the number of ranges it sells to help refocus its offering and will attempt to improve the availability of popular items.
After closing 14 stores and opening up to 23 sites across the UK, the brand is also looking to establish flexible “manager’s specials” promotions on a range of products, ensuring there are more surprise bargains for customers to find while shopping at their local B&M store.
