WH Smith PLC (LSE:SMWH) expects full year revenue growth to be at the top end of expectations and said third-quarter revenue is ahead of pre-Covid 2019 levels, driven by the rebound in key travel markets.
During the 15-week period ending June 11, 2022, revenue for the UK high street retailer surged 107% ahead of 2019, led by Travel.
The company which operates a chain of high street stores at different travel points said it is in a strong position to capitalise on the significant growth opportunities across the global travel retail market.
It currently has over 125 stores that have yet to open, along with several ongoing tenders.
"Travel continues to perform strongly across all three divisions and we expect this to be maintained into the peak summer trading period. As a result, we now anticipate the full year outturn to be at the higher end of analysts' expectations," the company said in a trading update.
Travel UK revenue increased by 104% in comparison to 2019, while North America business revenue rose by 111%.
The company said there was a good performance from its Platinum Jubilee ranges which resonated well with customers, with 79% of High Street revenue coming from its Platinum Jubilee ranges. It also noted strong recovery across all its markets, including Asia and Australia.
In the half-year to February 2022, the company reported pre-tax profits of £18mln compared to a £38mln loss in 2021.