B&M Financial Chief Resigns Following Accounting System Error That Lowered Profit Outlook
B&M’s chief financial officer has stepped down following an accounting system error that caused the retailer to significantly lower its profit guidance. The company reportedly failed to correctly recognize approximately £7 million in freight costs, impacting its 2026 financial outlook.
Leadership Change at Discount Retailer
The chief financial officer of B&M has resigned from his position after what sources indicate was an accounting error related to freight cost recognition. According to reports, Mike Schmidt decided to step down from his role at the UK-listed discount retailer but will remain during the transition period while the company searches for his successor.