B&M Lowers Profit Forecast Again Amid £7M Accounting Misstep and CFO Departure

B&M has lowered its profit forecast due to a £7 million accounting error related to freight costs, coinciding with the unexpected departure of its Finance chief.

• B&M announced a second profit forecast reduction within a month after discovering a £7 million miscalculation in overseas freight costs linked to its operating system update.
• The finance chief of B&M revealed plans to resign in a surprising announcement on Monday, amidst the companys financial setbacks and accounting issues.
• The accounting misstep involved the incorrect recognition of additional costs in the cost of goods sold, impacting B&Ms financial outlook for the current fiscal year.