WHSmith FY revenues soar 28% as travel rebounds
The high street business has performed ‘well and in line with expectations’, noting that its strategy will remain focussed on cost efficiencies and the return on space
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WHSmith has welcomed a strong year of trading in the year ended 31 August, as the stationery retailer’s revenues increased 28% against the prior year.
The group attributed its spike in revenue to its travel category’s popularity, which saw a 42% increase in revenue.
It said its sales performance in particular reflects the stronger passenger numbers seen in H2 of 2022 compared with H1 of that year, which was impacted by the Omicron variant of Covid-19.
As a result, the group’s travel business continues to benefit from a recovery in passenger numbers across its key travel markets.
In the UK, WHSmith saw continued strength in air passenger numbers in the peak holiday season and has noted that its hospital channel is performing well and its rail business has been “resilient in view of the ongoing industrial action”.
Elsewhere, the retailer’s high street business has performed “well and in line with expectations”, with the group noting that its strategy for this sector will remain focused on cost efficiencies and the return on space.
During the year, the retailer also opened 20 additional stores, including eight new stores in hospitals. It anticipates opening a further 15 stores in the year ended August 2024.
