B&M has rung the changes in its top team after its profits plunged in the first half of the year.
The group’s profits fell 30% to £191m in the 26 weeks to 27 September as its cost rose and margins fell.
It comes after the retailer’s share price crumbled to an all-time low when a £7m accounts blunder last month led it to cut its profits forecast and sack its CFO.
The company today announced Helen Cowing will take over as interim CFO. Cowing is a veteran CFO with spells at FatFace, American Golf and Selecta.
Last year, she was parachuted in as interim CFO at National Express owner Mobico after its CFO left over accountancy issues that caused the firm to twice delay publication of its annual results.
B&M has also appointed Simon Hathway as its new group trading director and Jon Parry to oversee its supply chain and retail operations.
The retailer’s sales have languished of late as it struggles to respond to the competition from other discounters and supermarkets.
In its half-year results this week, B&M said its latest quarterly like-for-like sales in the UK were “at the lower end” of the “low single-digit positive to low single-digit negative” percentage assumption range it previously outlined.
However, with the majority of its key ‘Golden Quarter’ trading period still ahead, it reiterated its profit guidance of £470m-£520m spelt out after the accountancy error.
“While the full financial benefits will build over time, I am confident our actions can restore sustainable like-for-like sales growth at B&M UK, which is our number one priority,” said CEO Tjeerd Jegen.
Total group revenues rose 4% to £2.7bn in the 26 weeks to 27 September, with both volumes and pricing driving growth.
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