Discount retailer B&M issued a new profit warning due to cutting prices to clear out excess stock. This marks the second profit alert in three months. The company implemented a “Back to Basics” strategy in October to streamline prices and reduce its product range across various categories. Sales in UK stores declined by 0.6% over the crucial three-month period ending on December 27, encompassing the Christmas season.

B&M revised its full-year profit forecast to a range of £440 million to £475 million, down from the previous guidance of £470 million to £520 million. This adjustment follows an accounting error last October related to £7 million in overseas freight expenses. Tjeerd Jegen, the appointed chief executive, emphasized the company’s focus on investing in clearing discontinued lines to strengthen B&M in the long term, despite impacting short-term financial performance.

In other news, HMRC is planning to replace automatic fines with a point-based system for late self-assessment tax returns. Waterstones reported a modest increase in annual profits, attributing it to effective cost management strategies despite rising worker-related costs. The retailer’s turnover rose to £565.6 million with a profit of £49.7 million for the year.

Furthermore, experts predict that HMRC’s annual tax collection could surpass £1 trillion soon, driven by factors like National Insurance Contributions increases and fiscal adjustments. McDonald’s customers expressed dissatisfaction over the rising price of hash browns in some restaurants. JN Bank UK rebranded as This Bank, offering competitive savings products with a 3.82% interest rate on easy-access accounts.

Wetherspoons founder raised concerns about the tax disparity with supermarkets affecting pubs, as the Chancellor prepares relief measures for the sector. The Black Sheep Brewery was saved in a £4.5 million deal, preserving 145 jobs. Lastly, the Warm Home Discount scheme provides a £150 rebate on electricity bills for eligible households in England and Wales.