B&M Retailer Faces Financial Turmoil Following Accounting Mishap and Leadership Shake-Up
B&M European Value Retail’s stock plunged 15% as an accounting error involving £7 million in freight costs forced another profit warning. The retailer’s CFO Mike Schmidt will depart following the financial discrepancy, marking the second executive exit this year.
Financial Markets React to Retailer’s Setback
B&M European Value Retail saw its shares crash to their lowest level in nine years on Monday following the discovery of a significant accounting error, according to reports. The discount retailer’s stock reportedly fell 15% to 184.1p, reaching levels not seen since October 2016, as investors reacted to the company’s second profit warning in recent weeks.
