B&M Cuts Profit Forecast, CEO Russo Plans Retirement

B&M, the UK-based discount retailer, has issued a profit warning, revising its annual core profit forecast down to between £605 million and £625 million, citing an uncertain economic outlook and exchange rate volatility. This marks the second time the company has adjusted its profit guidance this year, reflecting ongoing challenges in the retail sector amid rising taxes and declining consumer sentiment. Additionally, CEO Alex Russo will retire on April 30, 2025, after more than two years in the role, with the board actively seeking his successor. Russo noted that he leaves behind a company that has grown and strengthened during his tenure. The announcement follows a broader trend of job cuts among major retailers in the UK, indicating significant pressures on the sector. B&M operates numerous stores across the UK and France and focuses on providing value products to consumers.