The CEO of a large furniture retailer, will retire from the company on April 30, 2025, after leading the retailer for over four years. His departure comes alongside a revised earnings forecast for the 2024/25 financial year. The company has downgraded its expectations for the second time, with adjusted EBITDA now projected to be between £605–625 million, a reduction from earlier estimates of £620–650 million and £620–660 million.
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B&M attributed the revision to factors including current trading performance, an uncertain economic environment, and the potential impact of exchange rate fluctuations on stock and creditor balances.
Alex Russo, who has been at the helm of B&M since 2020, reflected on the company's growth during his tenure, stating that 'B&M is now larger and stronger' with group revenues increasing by almost 50% and over £2 billion in cash distributions to shareholders.
B&M, a discount retailer, offers limited furniture and homeware products but remains a significant player in the sector.
Source: www.thefurnishingreport.com