All articles tagged with #wh smith
WH Smith is under investigation by the UK's FCA after uncovering accounting mistakes in its North American business, leading to a delayed annual report, executive resignations, and a significant drop in share price, with the company planning to overhaul its stores by 2026 to restore confidence and improve governance.
WH Smith's shares plummeted nearly 42% after an accounting mistake led to an overstatement of North American profits, prompting a profit forecast cut, a review by Deloitte, and concerns about the company's reputation and growth prospects.
WH Smith, one of the largest booksellers in the UK, predicts growth in the country's book market this year, driven by strong sales of Britney Spears' memoir and Richard Osman's latest crime novel. The company reported a 75% increase in pre-tax profits to £110m, with sales rising 28% to £1.8bn, thanks to robust book sales and a rebound in travel. WH Smith's confidence in the market is supported by Bloomsbury's record profits in the first half of the year, attributed to a boom in fantasy fiction and strong sales of Harry Potter titles. The company's travel outlets, particularly in airports, led the recovery, with sales up 48%. WH Smith's international expansion also contributed to its growth, with sales doubling in European and international travel stores outside the US and Canada.