B&M Profit Warning and Accounting Error

6 days ago

Chloe Malay

"Yeah. Well, it's because of a big accounting error. So, B&M actually issued a profit warning a couple of weeks ago in early October and today it said that it actually missed some costs of £7 million and that those were previously unaccounted for in the outlook. So, it had to cut guidance again and it blamed that on an operational issue. This is obviously a very bad look for the CFO and the CFO Mike Schmid has announced that he would be stepping down."

B&M is facing serious operational issues following an accounting error that led to missing £7 million in costs and a downward revision of guidance. The situation is compounded by the CFO stepping down, which marks another setback for the company.