WHSmith plans 15 new stores this year
WHSmith has said it is planning to open 15 new UK stores during the 2024 financial year.
The retailer said it has already contracted the opening of 12 stores, whilst four are expected to close during the period.
This comes as WHSmith releases its preliminary results for the 2023 financial year, a period during which it opened 20 new stores in the UK. This included six in airports, eight in hospitals, and three in railway stations.
During the period, the retailer closed 19 smaller and “less well located stores” in its travel division.
WHSmiths’ chief executive, Carl Cowling, previously said the retailer would not be opening any more high street stores as it focuses on its travel estate. WHSmith closed 13 high street stores during the year.
During the year ending 31 August 2023, WHSmith saw its group revenue increase by 28% year-on-year to to £1.79bn. Revenue in the retailer’s UK travel division was up by 36% year-on-year.
Revenue in WHSmith’s UK air, hospital, and rail channels was up year-on-year by 48%, 32%, and 15% respectively.
The retailer’s headline pre-tax profit was £143m, up by 96% compared to the prior year.
Carl Cowling said: “Our global travel business is growing in all our key markets. It is highly scalable with multiple medium and long term growth opportunities and we are seeing great results from sharing our expertise and innovation across our different geographies. […] WHSmith is a highly cash generative business. In 2024, we expect to invest a further £140m which will drive further growth”.
He added that the retailer’s UK travel division has seen an increase in revenue of 13% in the beginning of the 2024 financial year. Despite economic uncertainty, Cowling said the company’s board is confident in its outlook for the financial year.
In September, the retailer said it was aiming to open 80 new stores internationally by August 2024.