WHSmith has reported a 28% rise in group revenues in its full-year results, thanks to its booming travel business.
In the full year ended 31 August 2023, the high street retailer reported “strong summer trading” at its stores at locations such as airports and railway stations, which helped its travel arm see a 42% rise in sales.
According to the retailer, its high street business “performed well and in line with expectations”. However, WHSmith added that its tail channel has been “resilient given the ongoing industrial action impacting rail.”
“Our strategy remains unchanged as we continue to focus on cost efficiencies and the return on space,” it said.
WHSmith added: “In the financial year ending 31 August 2024, we anticipate opening over 40 new stores in North America and 25 new stores in the Rest of the World.
“Including our UK travel business, we therefore anticipate opening over 80 new stores across all our travel businesses in the financial year ending August 2024, demonstrating the growth prospects in travel across all our geographical markets.
“We continue to be active in several ongoing tenders.”
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