WH Smith PLC (LSE:SMWH) reported sales growth in the 20 weeks to 14 January as its shops in airports benefitted from global passenger numbers continuing to recover.
Total group revenue for the retailer was up 41% compared to the same period a year ago, and 20% higher than pre-pandemic levels.
High street sales were down 2%, which was in line with expectations according to the statement. The high street segment accounted for around a third of sales and profits in the previous full year.
Chief executive Carl Cowling called it "a strong start to the financial year, with our global travel retail business growing strongly across all regions”.
He expressed confidence about "another year of significant growth ahead" as passenger numbers continue to grow globally, combined with the strengths of the group’s growth opportunities in markets such as North America.
Sales from its travel business were up 77% in total compared to last year, with sales up 70% in the UK alone thanks to improving passenger numbers across UK air, and strong performances in hospitals and train stations. A recent contract win saw eight new store opportunities added across airports in Washington and Palm Springs.
WH Smith said it is also continuing to broaden its offering “one-stop-shop” for all travel essentials, for example, offering health and beauty products, with 15 store openings planned in the UK.
North American sales were up 31% on the prior year and 20% versus 2019 on a proforma basis. Over the next three years, 60 outlets are expected to be opened in North America, including 37 planned for this financial year.
Sales across the rest of the world experienced the largest growth, up 198% on the pre-pandemic period.