Oct 7 (Reuters) - Discount retailer B&M

forecast a 28% plunge in first-half core earnings and lower

annual profit on Tuesday, after its new chief executive admitted

"weak" operational execution had hurt trading performance in its

home market.

CEO Tjeerd Jegen, who took charge in June, said B&M has

launched a plan called "Back to B&M Basics". It envisages

restoring like-for-like sales growth in its UK business,

including cutting prices on key groceries, simplifying product

ranges, and improving stock availability on shelves.

The move comes as British retailers brace for another

tough year, marred by rising costs related to wages and

insurance contributions, and economic uncertainty.

The company said it expects core profit of between 510

million pounds and 560 million pounds ($665 million-$730

million) for the year ending March 2026, compared with 620

million pounds reported a year earlier. It forecast 198 million

pounds in profit for the first half.

($1 = 0.7440 pounds)