B&M Lowers FY Guidance Amid Accounting Error as CFO Resigns
B&M has reduced its profit guidance for the 2026 financial year due to an accounting error related to freight costs, alongside the planned departure of its Chief Financial Officer, Mike Schmidt.
The error, totaling around £7m of overseas freight costs, was discovered during a review of the half-year consolidation process and was found to not have been correctly recognized in the cost of goods sold.
This issue arose following an operating system update earlier in the year, but the company maintains that the problem has since been resolved.
As a result, the retailer now expects adjusted EBITDA, excluding lease accounting under IFRS 16, to be between £470m and £520m for the year to March 2026, compared to a previous forecast range of £510m to £560m.
The company has adjusted its forecast range due to the accounting error.
Author's summary: B&M reduces profit guidance due to accounting error.
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