B&M Shares Plunge Amid CEO Exit, Profit Downgrade

B&M European Value Retail has announced a significant downgrade in its profit outlook, predicting adjusted EBITDA between £605 million and £625 million for the financial year ending March 2025, down from previous estimates. This announcement coincides with the retirement of CEO Alex Russo, effective April 30, after just two-and-a-half years in the role, a decision perceived by some analysts as a response to the company's disappointing performance. The retailer's shares have plummeted nearly 48.7% over the past year, contributing to its recent demotion from the FTSE 100 index. B&M cited an 'uncertain economic outlook' and exchange rate volatility as factors affecting its trading performance. The high street retail sector overall is facing challenges, including rising costs and increased competition, which have led to job cuts among major supermarket chains. A search for Russo's replacement is reportedly in the advanced stages, as the company seeks new leadership to address these ongoing difficulties.