WHSmith in “strongest ever position” as it returns to profit
WHSmith has posted a significant recovery as it released its preliminary results for the financial year.
The retailer has seen a huge turnaround in performance as its revenue reached £1.4bn, compared to £886m in 2021.
Importantly, it has returned to profit after making losses in 2021, with high street trading profit reaching £33m, up £12m from 2021.
The travel arm of WHSmith has also seen a considerable uptick in results as the economy recovers from the pandemic, with revenue in a 10-week period to 5 November 148% of the same time last year. The total WHSmith Travel profit was £89m, compared to a loss of £39m in 2021.
The business confirmed it is now trading above 2019 levels.
WHSmith has ambitions to expand on a global scale, with 150 stores to open including 70 in North America.
Carl Cowling, group chief executive, said: “2022 has been a successful year for WHSmith as we enter the new financial year with the group in its strongest ever position as a global travel retailer with multiple growth opportunities across the world.
“We have opened 98 new stores in the year and we have a pipeline of 150 new stores yet to open across 16 countries”.
He added: “Our High Street division, including our online businesses, delivered another resilient and profitable performance. These businesses continue to generate strong cash flow allowing us to invest across the Group.”