WH Smith uncovers £30 million accounting blunder

Business Aug 21, 2025

WH Smith just found a £30 million accounting error in its North American business, where they counted supplier rebates too early.
This slip-up was caught during year-end checks, and now Deloitte is digging into what went wrong.

WH Smith's shares fell 30% in London

Because of the mistake, WH Smith has lowered its expected pre-tax profits for this year to £110 million (down from £140 million). The North American division's outlook also dropped sharply.
After the news broke, WH Smith's shares fell 30% in London on August 21, 2025.
The company also cut the sale price of its UK high street stores by £12 million—480 stores, which are in the process of being sold to Modella Capital.