B&M Lowers FY Guidance Amid Accounting Error
B&M has reduced its profit guidance for the 2026 financial year due to an accounting error related to freight costs.
The error, worth around £7m, was discovered during a review of the company's half-year consolidation process and was caused by an operating system update earlier in the year.
- The accounting error was related to overseas freight costs that had not been correctly recognised in the cost of goods sold.
- The issue has since been resolved, according to the company.
As a result, B&M now expects adjusted EBITDA to be between £470m and £520m for the year to March 2026, compared to a previous forecast range of £510m to £560m.
The announcement coincides with the planned departure of Chief Financial Officer Mike Schmidt.
No comment from the company on the accounting error or CFO resignation.
Author's summary: B&M reduces profit guidance due to accounting error.
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