THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Future of Retail Marketing 2020
Omnichannel Transformations 2020
The HR Summit 2020
The Future Of AI in Retail Conference 2020
Omnichannel Futures Conference 2021
The Omnichannel Journey
Optimizing Workforce Management
ABOUT
CONTACT
SUBSCRIBE FOR FREE
WH Smith revenue down 85% during coronavirus crisis

Book and stationery retailer WH Smith has said the coronavirus crisis has had a significant impact on its business due to many of its worldwide stores… View Article

GENERAL MERCHANDISE

WH Smith revenue down 85% during coronavirus crisis

Book and stationery retailer WH Smith has said the coronavirus crisis has had a significant impact on its business due to many of its worldwide stores being closed due to lockdowns.

In its interim results statement, the retailer said group revenue was down 85% in April on the same month last year after sales at its travel and high street stores dropped by 91% and 74% respectively. However, online sales surged by 400% in the period.

Carl Cowling, WH Smith group chief executive, said: “The emergence of covid-19 and the associated global pandemic has affected all of us in ways that were unimaginable only a short while ago.

“Our primary focus over the past eight weeks has been to protect our colleagues across all areas of our business and our customers.”

In the six months to 29 February, WH Smith’s total revenue climbed by 7% to £747 million, although group pre-tax profit declined to £63 million from £65 million in the same period in the previous year.

Cowling said: “There was very little impact of covid-19 on our first half results, however inevitably the performance in the second half will be very different.

“During the first half, we continued to see strong sales growth in our travel business with total revenue up 19%, driven by our ongoing investment and initiatives in our UK business and our growing international businesses.”

The company said plans are on track for a phased re-opening of its stores in its second half when it will focus on driving spend per passenger across its travel locations.

Cowling added: “We are a resilient and versatile business and with the operational actions we have taken including managing costs and the new financing arrangements, we are in a strong position to navigate this time of uncertainty and are well positioned to benefit in due course from the normalisation and growth of our key markets.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News