B&M cuts full year guidance after accounting error
B&M has cut the profit outlook for its current financial year following an accounting error.
In a statement, the company said it had identified approximately £7 million of overseas freight costs not correctly recognised following an operating system update earlier this year.
Subscribe to TRBB&M now expects adjusted EBITDA for FY26 to be in the range of £470 million to £520 million compared to a previous estimate of £510 million to £560 million.
For the first half of the year, adjusted EBITDA is expected to come in at around £191 million compared to a previous guidance of approximately £198 million.
B&M said the underlying system issue has now been resolved, adding that it was commissioning a third-party review of the matter.
The company is still expecting second half UK like-for-like sales growth to be between “low-single-digit negative and low-single-digit positive” levels.
B&M has also announced that its chief financial officer Mike Schmidt has advised the board of his intention to step down, although he will remain with the company until his successor has joined the business to ensure an orderly transition.
