WH Smith revenues jump by 28% after strong travel performance
WH Smith has seen its group revenue increase by 28% in the year to 31 August following a strong performance from its travel division.
Sales at the retailer’s stores at locations such as airports and railway stations surged by 42% as they benefited from stronger passenger numbers in a busy summer travel period, particularly in the UK.
During the year, WH Smith opened 43 stores in North America and was boosted by further significant new tender wins, including four stores at San Diego airport. In the rest of the world, it opened an additional 30 stores and won tenders for new sites in Budapest and Madrid airports.
Looking ahead, WH Smith said: “In the financial year ending 31 August 2024, we anticipate opening over 40 new stores in North America and 25 new stores in the rest of the world. Including our UK travel business, we therefore anticipate opening over 80 new stores across all our Travel businesses in the financial year ending August 2024, demonstrating the growth prospects in travel across all our geographical markets. We continue to be active in a number of ongoing tenders.”
The retailer said its UK high street business performed well and in line with expectations as it continues to focus on cost efficiencies and the return on space.
