WH Smith Accounting Errors Pique UK Watchdogs’ Interest (1)

UK financial watchdogs are looking into accounting errors at retailer WH Smith plc, although no formal investigation has been opened yet.

Financial regulator the Financial Conduct Authority said it was talking to the retailer about booking payments from suppliers too early, leading to it making overly optimistic profit forecasts.

The FCA monitors disclosures by UK-listed companies and can take enforcement action over seriously misleading public announcements. FCA in 2017 fined another retailer, Tesco plc, £129 million ($170.3 million) for overstating results.

“We are aware of the reports and we are engaging with the firm,” the watchdog said by ...