B&M has sounded the alarm over its profits, citing an "uncertain economic outlook" as a key factor, and announced that its chief executive is set to retire in the near future.

The London-based firm has revised its profit forecast for the current fiscal year down to £625m, a significant drop from the previously projected £650m. This reduced earnings prediction "reflects the current trading performance of the business, an uncertain economic outlook and the potential impact of exchange rate volatility on the valuation of our stock", the company explained.

Retailers have been voicing concerns about the increasingly challenging UK market conditions, particularly after corporate taxes were hiked in the Government's last in October. The festive season also proved disappointing for businesses, with sales during this crucial period dipping compared to 2023 due to deteriorating consumer sentiment.

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Despite some surveys indicating a boost in footfall in January, especially for budget retailers like B&M, the recent announcement comes on the heels of widespread job cuts across major players such as and .

In other news, B&M confirmed that CEO Alex Russo will be stepping down on April 30 after a two-and-a-half-year tenure, and the hunt for his successor is underway. B&M chairwoman Tiffany Hall praised Mr Russo for his contributions, stating he "has increased our store footprint in both the UK and France and driven a relentless focus on high operational standards and low costs".

Mr Russo joined the company in 2020 before assuming the CEO position in September 2022. The boss expressed pride in the company's resilience, noting it "has been successfully steered through the pandemic years and is now larger and stronger".

He went on to reveal his retirement plans, optimistic about the future as he's "leaving growing businesses with great potential in both UK and France".