B&M cuts profit guidance again; CEO to retire

(Sharecast News) - UK discount retailer B&M cut profit guidance again, citing an uncertain economic outlook and said chief executive Alex Russo would retire at the end of April. The company said annual adjusted core earnings were now expected to be in the range of £605m to £625m down from a previous trimming of guidance to £620 - £650m outlined in January. The latest cut also includes the potential impact of exchange rate volatility on the valuation of stock and creditor balances.

It said it is in the advanced stages of a recruitment process to appoint a new CEO.

Reporting by Frank Prenesti for Sharecast.com