WH Smith PLC (LSE:SMWH) confirmed it is on track for another year of “significant growth” despite weak trading in its high street stores, highlighting its strategic switch to become a travel retailer.
Total group sales lifted 8% year on year for the 20 weeks to 20 January 2024, helped by a 15% rise in UK revenues and a 19% jump in its international business, excluding North America, a trading update revealed.
High street revenues fell by 4%, but it’s clear the company’s focus is firmly on the travel market.
Carl Cowling, WH Smith's CEO, said: “The group is trading well and is in its strongest ever position as a global travel retailer. We are confident of another year of significant growth in 2024.
"During the period, we successfully opened our largest UK Travel store at Birmingham airport - a one-stop-shop for travel essentials.
"We continue to make excellent progress in North America… We are on track to open over 50 new stores this financial year.”
Interim results are expected to be released in late April.