Core Viewpoint - B&M's finance chief Mike Schmidt resigned following an accounting error that led to the company's second profit warning in a month, resulting in a significant drop in share value and revised profit forecasts [1][2][3]. Financial Impact - The accounting mistake caused B&M to overstate profits, leading to a revised full-year profit expectation of £470 million to £520 million, down from the previous forecast of £510 million to £560 million [2]. - Following the announcement, B&M's shares plummeted over 20%, reducing the company's market value by £400 million to £1.7 billion [2]. Management Changes - Mike Schmidt, who joined B&M three years ago, will remain until a replacement is found [3]. - This resignation marks a significant challenge for CEO Tjeerd Jegen, who is attempting to stabilize the company amid declining demand [5]. Operational Issues - The accounting error was attributed to an IT upgrade that resulted in the finance team failing to input £7 million worth of freight costs into the new system [4]. - B&M plans to hire investigators to review the circumstances surrounding the error [4]. Market Conditions - B&M had already lowered its profit forecasts earlier in the year due to an "uncertain economic outlook" and weaker demand in British stores [5]. - Analysts expressed concerns that the recent profit downgrade could undermine B&M's credibility and hinder its turnaround efforts [7]. Strategic Response - In response to the challenges, B&M has committed to cutting prices and streamlining its product range to attract customers back to its stores [6].

Core Viewpoint - B&M European Value retail's shares fell 15% following an accounting error that led to a profit warning and the resignation of its CFO [2][3][4] Financial Impact - The company identified approximately £7 million of overseas freight costs that were not correctly recognized in cost of goods sold, impacting full-year financials [3] - Adjusted EBITDA forecasts have been revised down to between £470 million and £520 million, a decrease from previous estimates of £510 million to £560 million [4] - First-half adjusted EBITDA is now anticipated at £191 million, down from a prior forecast of £198 million [4] Management Changes - CFO Mike Schmidt will leave the company, having held the position since October 2022, and a search for his successor has begun [5] - Schmidt's departure follows the exit of former CEO Alex Russo earlier in the year, with Tjeerd Jegen taking over the CEO role in June [5] Sales Expectations - B&M expects like-for-like UK sales to fluctuate between low-single-digit negative and low-single-digit positive levels in the second half [8] - First-half like-for-like sales increased by only 0.1%, with revenues declining by 1.1% in the second quarter [9] Analyst Insights - Analysts suggest that B&M could benefit from consumers' focus on value, given its 2% share of the UK retail market [10] - However, there are concerns regarding recent subdued like-for-like trends and the need for B&M to improve its value perception and earnings visibility [11]

NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against BigBear.ai Holdings, Inc. ("BigBear" or the "Company") (NYSE: BBAI) and certain officers. The class action, filed in the United States District Court for the Eastern District of Virginia , and docketed under 25-cv-00623, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired BigBear securities between March 31, 2022 and March ...