WH Smith has delayed the release of its annual financial results amid the continued fallout from accounting failures.
The retailer said it expects to unveil its latest results on Friday December 19, having previously said they would be released on Tuesday December 16.
It told shareholders the delay would give auditor PwC “further time to complete the required audit procedures”.
This is the latest delay to the results which had originally been set to be published on November 12.
The delay comes after Carl Cowling resigned as WH Smith’s chief executive last month after a report by Deloitte confirmed the accounting problems.
The retailer, which sold its UK high street stores earlier this year to focus on its travel locations, first revealed accounting issues in August.
Its shares tumbled by as much as 40% after it discovered its trading profit in North America had been overstated, when reviewing its finances.
The business cut its profit forecasts as a result.
Last month, an independent review by Deloitte found a number of “shortcomings” as the group overstated profits in the US business by as much as £50 million.
WH Smith warned that it expects profits in its US business for delayed full-year results in the range of £5 million to £15 million – down from the £55 million originally expected in the market and the £25 million revised guidance when the accounting issue was first uncovered.
WH Smith is now focused solely on its 1,300 shops in global travel locations – such as in airports, train stations and hospitals – after it sold its high street chain of about 480 shops to Hobbycraft owner Modella Capital in June.
As part of the deal, the WH Smith name is disappearing from British high streets and being replaced by brand TGJones.
