WHSmith has posted strong trading figures for the first 20 weeks (to 20 January) of its financial year, driven by the performance of its Travel division.
Total group revenue was up 8% after its stores operating in travel sites saw sales climb 10% on a like-for-like basis. WHSmith noted that it was continuing to see improving passenger numbers in airports in the UK and North America, with strong performance also in stores in hospitals and rail stations.
In its High Street division, like-for-like revenue slipped 3%, in line with expectations. However, in the four weeks to 30 December 2023, the figure was up 1% after the chain maintained good stock availability over the festive period. The group also noted that it was on track to deliver its targeted full-year cost savings of £10m.
Carl Cowling, Group Chief Executive, commented: “I am pleased with the start to the financial year. Our Travel business is growing strongly across all our divisions, and we have seen a notably strong performance in the UK, our largest division, with total revenue up 15% and like-for-like revenue up 14%.
“During the period, we successfully opened our largest UK Travel store at Birmingham airport – a one-stop-shop for travel essentials – and we have received very positive feedback from both landlord and customers.
“We continue to make excellent progress in North America, and I am particularly excited by the substantial growth opportunities that exist in this market. We are on track to open over 50 new stores in North America this financial year.
“In total, we are on track to open over 110 stores this financial year.”
He concluded: “The Group is trading well and is in its strongest ever position as a global travel retailer. We are confident of another year of significant growth in 2024.”
