UK $2.4 Billion Discount Retailer B&M Chief Financial Officer (CFO) Mike Schmidt Submits Resignation after Accounting Error During IT Upgrade with Finance Team Failing to Include $9.3 Million (£7 Million) Freight Costs Resulting in Inflated Profit Forecasts, B&M Founded in 1978 by Malcolm Billington & Brian Mayman as Billington & Mayman and Later Shortened to B&M, Current Market Value at $2.4 Billion, Share Price -49% YTD, -54.5% Last 12 Months & -62.5% Last 5 Years
26th October | Hong Kong
UK discount retailer B&M ($2.4 billion market value) Chief Financial Officer (CFO) Mike Schmidt has submitted his resignation after accounting error during IT upgrade, with the finance team failing to include $9.3 million (£7 million) freight costs resulting in inflated profit forecasts. B&M was founded in 1978 by Malcolm Billington & Brian Mayman as Billington & Mayman, and later shortened to B&M. B&M current market value at $2.4 billion, with share price -49% YTD, -54.5% last 12 months & -62.5% last 5 years. B&M – B&M is a fast-growing discount retailer, operating from over 750 high street and out of town stores across the UK, with a team of over 38,000! In the UK, we offer customers a broad range of FMCG brands and non-grocery products at sensational prices. Our aim is to provide customers with a fun and exciting shopping experience, offering them great products and fantastic value so that they return again and again to a B&M store. Our success is down to our customers and built on “word of mouth” – with an average 5 million customer transactions across our stores each week. We spend next to nothing on advertising so that we can focus on keeping the prices of our products as low as possible. The Group also owns a chain of over 100 general merchandise and grocery stores in France under the B&M brand. Our Heron Foods business operates over 300 discount convenience stores in England and Wales.
“ UK $2.4 Billion Discount Retailer B&M Chief Financial Officer (CFO) Mike Schmidt Submits Resignation after Accounting Error During IT Upgrade with Finance Team Failing to Include $9.3 Million (£7 Million) Freight Costs Resulting in Inflated Profit Forecasts, B&M Founded in 1978 by Malcolm Billington & Brian Mayman as Billington & Mayman and Later Shortened to B&M, Current Market Value at $2.4 Billion, Share Price -49% YTD, -54.5% Last 12 Months & -62.5% Last 5 Years “
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UK $2.4 Billion Discount Retailer B&M Chief Financial Officer (CFO) Mike Schmidt Submits Resignation after Accounting Error During IT Upgrade with Finance Team Failing to Include $9.3 Million (£7 Million) Freight Costs Resulting in Inflated Profit Forecasts, B&M Founded in 1978 by Malcolm Billington & Brian Mayman as Billington & Mayman and Later Shortened to B&M, Current Market Value at $2.4 Billion, Share Price -49% YTD, -54.5% Last 12 Months & -62.5% Last 5 Years
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