WH Smith PLC (LSE:SMWH) maintained previously its upgraded expectations as its travel-based outlets continued their recovery from Covid.
Travel-related sales are “comfortably” exceeding pre-Covid levels, the retailer said in an update for the year to end August 2022.
“Our travel businesses have continued to benefit from the recovery in passenger numbers across all our key travel markets,” said the statement.
Revenue exceeded teh comparable period in 2019 in the second six months of the year (112%) with travel accounting for 129% and high street outlets 80%.
Smith's high street division performed in line with expectations despite the second half being “adversely impacted” by disruption to its online greeting card business, Funkypigeon.com.
WH Smith said on teh high street it continues to focus on cost efficiencies, return on space and cost-saving opportunities including rent reductions, which has been its strategy for years.
In travel, 130 stores are earmarked to open with six stores in Brussels airport and others in Salt Lake City and Los Angeles International Airports the latest additions.
Shares declined 2% to 1,449.5p in early morning trade.