B&M chief financial officer (CFO) Mike Schmidt is departing from the business.
The announcement comes after the variety store chain reported a £7m accounting error which will reduce its annual earnings, marking its second profit warning in two weeks.
B&M found that £7m of overseas freight costs had not been “correctly recognised in cost of goods sold,” after an update to its operating system earlier this year”.
As a result, the adjusted profits for the year to March 2026 are now forecast to be between £470m and £520m, marking a decline from its previous estimate of £510m and £560m.
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B&M forecasts profits of £191m for its first half, down from £198m.
Speaking to investors, the discount giant said that Schmidt was departing as CFO but will stay with the group until a replacement is found.
The retailer noted that the system issue at the centre of the problem had since been fixed.
The business is set to commission an external review and give a further update once it publishes its first half results on 13 November.
In a statement, B&M said: “The board wishes Mike well for the future”.
Retail Gazette has contacted B&M for comment.
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