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B&M cuts annual profit forecast due to £7M accounting error, lower UK sales, and CFO departure.
B&M has lowered its annual profit forecast for the second time in a month, citing a £7 million accounting error from an earlier system update that failed to record overseas freight costs, reducing half-year adjusted earnings to £191 million from £198 million and narrowing full-year guidance to £470 million to £520 million.
The company also reported a 1.1% drop in UK like-for-like sales, driven by higher wages and packaging taxes, and announced CFO Mike Schmidt will step down.
B&M plans a third-party review of the error and has implemented price cuts and other measures to stabilize performance, while still expecting second-half sales growth within a narrow range.
B&M recorta el pronóstico anual de ganancias debido a un error contable de 7 millones de libras, menores ventas en el Reino Unido y la salida del CFO.