Overview
- Results for the year to August 31, previously scheduled for November 12, are now expected on December 16.
- An independent Deloitte review into the timing of supplier income recognition in the US business is ongoing, with PwC completing required audit procedures.
- WH Smith cut expected North America trading profit to about £25 million from £55 million and trimmed group profit guidance to around £110 million following the error.
- Shares slumped when the overstatement was disclosed in August and fell again on Wednesday, leaving the company’s market value below £1 billion.
- The group has exited its UK high-street estate in a sale to Modella and sold Funky Pigeon to Card Factor, concentrating the brand on about 1,300 travel-location stores worldwide.