"In light of the uncertainty arising from the conflict in the Middle East, the group is taking a more cautious outlook reflecting the impact on passenger numbers and weaker consumer confidence."
"Much will depend on the peak summer trading period, and the group assumes no immediate improvement in consumer confidence and assumes that jet fuel supplies can be maintained."
"The downgrade marks another setback for the retailer after a difficult year that saw it embroiled in an accounting scandal in its US division."
"An internal review by Deloitte found 'shortcomings' in its audit processes, which led to the overstatement of profits in the American business by up to £50 million."
WH Smith has suspended its dividend and revised its profit guidance downward due to disruptions in global air travel caused by the war in Iran. The retailer expects annual profits to fall between £90 million and £105 million, down from £108 million last year. Shares dropped over 10% following the announcement. The company noted flat like-for-like UK revenues and a slight overall revenue increase of 2%. This follows a challenging year marked by an accounting scandal in its US division.
Read at London Business News | Londonlovesbusiness.com
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