Reported 3 days ago
British travel retailer WH Smith has reduced its annual profit forecast by approximately £30 million following a financial review that revealed an overstatement of earnings in its North America division. This accounting blunder has led to shares dropping over 30%, marking their lowest point since March 2020. The company is now anticipating a group pre-tax profit of around £110 million for the year ending August 31, significantly below market expectations.
Source: YAHOO