B&M European Value Retail (LON: BME) shares fell more than 8% on Monday after the company lowered its full-year profit guidance and announced the retirement of CEO Alex Russo.
B&M now expects FY25 Group adjusted EBITDA to range between £605 million and £625 million, down from its previous forecast of £620 million to £660 million.
The company said the move reflects the current trading performance of the business, alongside economic uncertainty and exchange rate volatility.
Alongside the guidance cut, B&M revealed that Alex Russo will retire as CEO and step down from the Board on 30 April 2025.
Russo joined B&M in 2020 as CFO before taking over as CEO in September 2022. Under his leadership, B&M expanded its store footprint in the UK and France, with group revenues rising by nearly 50% and over £2 billion returned to shareholders.
Tiffany Hall, Chair of the Board, thanked Russo for his contribution, saying, “Alex has increased our store footprint in both the UK and France and driven a relentless focus on high operational standards and low costs.”
B&M said it is in advanced stages of appointing a new CEO with the help of an executive search firm and will provide an update soon. The company will release its FY25 Post Close Trading Update in April.
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