WH Smith reports 7% travel revenue growth
WH Smith has said its travel business continues to perform well with revenue up 7% year-on-year on a constant currency basis in the 13 weeks to 31 May.
Revenue in the UK climbed by 5% on last year with like-for-like revenue up 6%. Looking at specific channels, there were respective like-for-like uplifts of 7% at airports, 3% in hospitals and 6% in rail stations in the period.
Total revenue in WH Smith’s North America division rose by 7% on last year on a constant currency basis as like-for-like revenue edged up 2%. This was due to strong growth in passenger spend.
Meanwhile, total revenue in the rest of the world increased by 12% on a constant currency basis and by 7% like-for-like as passenger numbers continued to improve.
In March, WH Smith announced the sale of its UK high street business to Modella Capital which is due to complete by the end of June.
Looking ahead, the group said it is well positioned for the peak summer trading period as a pure play travel retailer and is on track to deliver the full year in line with expectations.
It added: “While we are mindful of the broader economic and geopolitical uncertainty, the group is well positioned as we enter our peak summer trading period.
“We are strengthening our focus on cost and cash discipline, and we are in a strong position to capitalise on substantial value creating opportunities that exist across our markets.”
