WH Smith revenues up 41% amid strong travel sales
The group’s travel business has also seen ‘continued momentum’ since the start of the financial year, resulting in a revenue increase of 48% on FY19
WH Smith has seen total revenues rise by 41% over the 20 week period ending 14 January 2023, with revenues also up by 20% against its pre-pandemic trading results as travel sales picked up.
The group attributed its “strong” performance to its UK travel business, which saw total revenue increase 70% compared to the prior year to 14 January and an increase of 18% compared to FY19.
Globally, the group’s travel business has also seen “continued momentum” since the start of the financial year, resulting in a revenue increase of 48% on FY19 and an increase of 77% on FY22.
This is all said to be despite passenger numbers remaining below pre-pandemic levels. However, the group states that its UK high street division delivered a “good” performance, in line with expectations.
In addition, the retailer is on track to open an additional 15 stores across all UK channels this year.
Carl Cowling, chief executive of WH Smith, said: “The group has made a strong start to the financial year, with our global travel retail business growing strongly across all regions.
“Our strategy to transform our customer offer continues at pace as we broaden our categories and expand our ranges to include health and beauty and tech accessories. We continue to make good progress with our store opening programme, and in the year to date, we have opened over 40 new stores.”
He added: “I would like to take this opportunity to thank our team across the globe, and in particular, our store colleagues who have worked exceptionally hard serving our customers throughout this busy trading period.”
