B&M has announced that its chief financial officer (CFO), Mike Schmidt, has advised the company’s board of his intention to step down from the role.

The discount retailer said that a search for his successor had commenced and that Schmidt would remain with the company until a replacement is in place.

The move follows an accounting error by B&M, which reported that approximately £7m of overseas freight costs were not correctly recognised in its cost of goods sold, following an operating system update earlier in the year.

In a statement, B&M revealed that the underlying system issue had since been resolved, but that its financial impact is “material” to its outlook for FY26.

As a result, B&M has reduced its expected earnings to be in the range of £470m to £520m for FY26, compared to a previous estimate of £510m to £560m.

B&M confirmed it would provide a further update on its search for a new CFO alongside its interim results, which are scheduled to be reported on 13 November.

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