B&M Finance Chief Departs Following £7 Million Accounting Error and Revised Profit Outlook
Discount retailer B&M has announced the departure of its chief financial officer following a £7 million accounting error linked to overseas freight costs. The company has issued its second profit warning in weeks, with shares falling nearly 18% in early trading as annual earnings forecasts were revised downward.
Leadership Change Amid Financial Restatement
B&M, one of Britain’s prominent discount retailers, is reportedly searching for a new chief financial officer following the departure of Mike Schmidt. According to reports, Schmidt is stepping down after the company discovered a £7 million error in its accounts related to overseas freight costs that were not properly recorded. The board has indicated he will remain until a successor is appointed, with sources indicating an external review will be commissioned.