WHSmith has pipeline of over 120 stores
WHSmith says it has a pipeline of over 120 stores yet to open in its travel division. This includes 60 stores in North America, as the retailer continues to expand internationally.
It expects to win over 50 stores a year on average going forward.
In the retailer’s results for the six months to February 28, WHSmith said it has already won 60 stores so far during the period.
The retailer has also enjoyed a period of strong performance, seeing group revenue rise by 41% to £859m. Profit also increased from £14m in 2022 to £45m.
However, high street profit saw a decrease, falling £2m from 2022 to £24m.
WHSmith said it its travel division is continuing to benefit from a “significant recovery” in passenger numbers, with travel disrupted in 2022 by COVID-19 cases and restrictions.
Carl Cowling WHSmith chief executive, said: “We have seen a strong performance in the first half of the year further strengthening our confidence in the prospects of our global travel business. We expect Travel to represent over 70% of group revenue and around 85% of group profit from trading operations by the end of this financial year.”
“Looking ahead, we are very well positioned to capitalise on the substantial growth drivers across our markets and we expect to make further good progress in the years ahead. Current trading is strong and we are ahead of expectations for the full year”, he added.