WH Smith revenues rise 8% in H1 amid travel boost
The retailer has a pipeline of new stores of over 80 which are yet to open in travel locations, over 50 of which will be in North America
WH Smith has reported that total revenues rose 8% to £926m in the six months ending 29 February, largely boosted by sales in its travel division, which rose by 13%.
Although high street trading profits dipped to £22m, down from £24m last year, travel profits rose from £47m to £50m.
Within its travel division, revenues rose by 13% in North America and a further 15% year-on-year in the UK.
Meanwhile, headline group profits before tax and non-underlying items inched up to £46m from £45m in the same period last year.
The retailer has a pipeline of new stores of over 80 which are yet to open in travel locations, over 50 of which will be in North America.
During the financial year, WH Smith expects to open roughly 110 stores.
According to the group, it has already made a “good start” to H2, as trading momentum continues to perform ahead of the expected peak summer period.
Carl Cowling, CEO of WH Smith, said: “The group is in its strongest ever position as a global travel retailer. We continue to make excellent progress, growing our space and broadening our categories as we transition to a one-stop-shop for travel essentials.
“None of this would be possible without the exceptional efforts of the entire team and I am extremely grateful for their ongoing commitment and hard work.”
He added: “The second half of the financial year has started well, and we are on track to deliver full year expectations. We are confident that 2024 will be another year of significant progress for the group.”
