Discount retail chain B&M has announced that it expects profits to be lower than expected after its trading was hit by an “uncertain economic outlook”.
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00:00Hello, I'm Michael Crosland, Business Reporter with the Yorkshire Post, here with a brief update this morning on the discount retail chain B&M.
00:08So the company has announced that it now expects profits to be lower than expected after its trading was hit by what it described as an uncertain economic outlook.
00:18The company announced that it now expects profits to land between £605m and £625m, down from a previous estimate of £650m for the year.
00:30The news comes also as the company announces that its group chief executive, Alex Russo, will retire from the group as of 30th April.
00:40B&M said its board is now in the advanced stages of a recruitment process to appoint a new CEO and that it would provide an update in due course.
00:50That's all for the time being, I'm Michael Crosland, reporting for the Yorkshire Post.