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WHSmith has announced that it is raising its profit guidance for FY23 as it hedges its bets on a strong summer travel demand.
The company saw its travel sales increase 31% for the 13 weeks to 27 May 2023, compared with the same period last year.
Its total travel sales were also up 18% on a like for like compared with 2022.
Travel sales in the UK were up 24% on a total basis and 21% on a like for like basis.
Interestingly, the company’s high street sales were only up 2% on a total basis and 3% on a like for like basis.
Overall, the company’s total sales for Q1 in 2023 were up 23% and up 14% like for like.
WHSmith stated: “Looking ahead, the group is in a good position as we approach the peak summer trading period. Trading is strong across all three Travel divisions, and we are very well positioned to capitalise on the substantial growth drivers across our markets. Since our announcement on 20 April, our expectations for the full financial year have modestly improved.”
