B&M shares plunge as finance chief quits over ‘embarrassing’ accounting error
B&M makes announcement after £7m accounting error
- Discount retailer B&M has reduced its profit guidance for the second time in a month after discovering a £7m accounting error.
- The error involved £7m in overseas freight costs not being correctly recognised, which the company linked to an operating system update.
- B&M's adjusted earnings for the half year to September are now estimated at £191m, down from a previous estimate of £198m.
- The company's chief financial officer, Mike Schmidt, is stepping down from his role following the incident.
- Shares in B&M fell by 17.9% to 178.1p on Monday morning, reaching record low levels.