WHSmith sales jump as travel soars
By David Wood | 26th January 2024
WHSmith says it is in its "strongest ever position as a global travel retailer" as sales surged.
Revenue for the high street and travel retailer jumped 8% in the 20 weeks to 20 January, while like-for-likes rose 5%.
This was boosted by a 13% increase in sales for its travel arm, helping to offset a 4% decline in its high street and online business, which the retailer said was in line with its expectations.
In-store like-for-like sales were down 3%, while for the four weeks to December 30, sales edged up 1%.
Carl Cowling, group chief executive, said: "I am pleased with the start to the financial year. Our travel business is growing strongly across all our divisions and we have seen a notably strong performance in the UK, our largest division, with total revenue up 15% and like-for-like revenue up 14%.
"During the period, we successfully opened our largest UK Travel store at Birmingham Airport - a one-stop-shop for travel essentials - and we have received very positive feedback from both landlord and customers.
"We continue to make excellent progress in North America, and I am particularly excited by the substantial growth opportunities that exist in this market. We are on track to open over 50 new stores in North America this financial year. In total, we are on track to open over 110 stores this financial year.
"The group is trading well and is in its strongest ever position as a global travel retailer. We are confident of another year of significant growth in 2024."
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