B&M shares slump as profit guidance cut again; CEO to retire
By Frank Prenesti
Date: Monday 24 Feb 2025
(Sharecast News) - Shares in UK discount retailer B&M slumped on Monday after profit guidance was cut again on the back of an uncertain economic outlook and announcement that chief executive Alex Russo would retire at the end of April.
The company said annual adjusted core earnings were now expected to be in the range of £605m to £625m down from a previous trimming of guidance to £620 - £650m outlined in January. The latest cut also includes the potential impact of exchange rate volatility on the valuation of stock and creditor balances.
Shares in the company were down 7% in London morning trade.
It said it is in the advanced stages of a recruitment process to appoint a new CEO.
Reporting by Frank Prenesti for Sharecast.com
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