US EditionB&M Flags Second Guidance Cut This Year as CEO Exits
- B&M has revised its profit forecast for the current fiscal year down to £625m from £650m due to an uncertain economic outlook and potential exchange rate volatility.
- CEO Alex Russo will step down on April 30 after two and a half years, and the company is searching for a successor.
- B&M's sales growth has slowed since the pandemic, increasing only 3.5% during the first nine months of the current financial year, compared to over 25% earlier.
- The company's shares dropped over 11% in trading following the profit warning, reflecting investor concerns about the retail sector's challenges and job cuts announced by competitors.
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B&M boss departs as big profit warning raised questions about leadership
B&M BARGAINS’ boss has checked out — as a big profit warning raised questions about his leadership of the firm. The discount retail chain yesterday tried to position Alex Russo’s exit as retirement after two and a half years as chief executive. GettyB&M Bargains’ boss has departed as a big profit warning raised questions about his leadership of the firm[/caption] B&MAlex Russo’s departure aged 54 came with a triple whammy warning[/caption] But f…
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