WH Smith maintained its previously upgraded expectations today after revealing that its travel-based outlets had continued their strong recovery from the Covid restrictions, driving group revenues beyond pre-pandemic levels.
“Our travel businesses have continued to benefit from the recovery in passenger numbers across all our key travel markets,” the company said in a brief trading statement marking its year-end.
Group revenue in its second half to 27 August was at 112% of comparable levels in 2019, bolstered by the Travel division, which was at 129% of the pre-Covid total.
Its High Street stores were still trading at 80% of previous levels, although WH Smith stated that the division had performed in line with expectations despite trading of its online greeting card business, Funkypigeon.com, being impacted by a cyber attack earlier this year.
The group noted that its High Street business was continuing to focus on cost efficiencies and the return on space. “We have identified further significant cost-saving opportunities, most notably through reductions in rent,” it said.
WHSmith expects profit in its year to the end of August to be in line with the upgraded expectations it unveiled following the third quarter.
