B&M CFO Exits After Material Accounting Error; Shares Plunge (1)

B&M European Value Retail SA Chief Financial Officer Mike Schmidt announced he’ll step down after the company cut its guidance again due to an accounting error, just two weeks after issuing a profit warning.

The furniture retailer now expects adjusted earnings before interest, taxes, depreciation, and amortization of between £470 million ($631.6 million) and £520 million this fiscal year, compared to a £510 million to £560 million forecast earlier this month, according to a statement.

Shares dropped as much as 20% in London.

Schmidt will remain at the company until a replacement is found. The revised forecast was due ...