18th Jan 2023 10:27
(Alliance news) - WH Smith PLC on Wednesday said it delivered a strong performance in the 20 weeks to January 14, with revenue up 41% against the previous year and up 20% against the pre-pandemic level.
WH Smiths is a books and stationary retailer that operates on UK high streets as well as in travel locations such as airports and train stations globally.
The retailer noted particular strength in its Travel business which saw revenue up 77% against financial 2022 and up 48% against financial 2019, meaning pre-pandemic.
WH Smith noted this performance was achieved despite passenger numbers remaining "well below" 2019 levels.
In Travel UK, total revenue was up 70% year-on-year. The retailer continues to see "improving passenger numbers across UK air, a strong performance in hospitals, and rail performing well".
Chief Executive Carl Cowling 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 through broadening our categories and expanding our ranges, to include health and beauty and tech accessories, and is underpinned by a forensic approach to retail."
Looking forward, WH Smith said that, though economic uncertainty remains, passenger numbers continue to improve, and therefore it remains confident of making significant progress in 2023.
In November, WH Smith had said for the financial year that ended on August 31, revenue surged to GBP1.40 billion from GBP886 million the previous year. It swung to a pretax profit of GBP63 million for the year from a loss of GBP116 million.
Shares were up 0.4% at 1,623.00 pence each on Wednesday morning in London.
By Xindi Wei, Alliance News reporter
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