W H Smith reports 'good' start to financial year, with UK sales up 15%

W H Smith has reported a "good” start to the financial year, with total UK revenue for the 20-week period up to 20th January 2024 up 15% year on year. 

In a trading update, the retailer said it had seen a “notably strong performance in the UK”, while the travel business was “growing strongly”.  

Total group revenue was up 8% compared with last year, while global travel was up 16% on 2023 on a constant-currency basis. The UK high-street division delivered a “good performance, in line with our expectations”, with store like-for-like (LFL) revenue up 1% in December.  

W H Smith said: “We maintained good stock availability and we exited Christmas with a clean stock position. We are on track to deliver our targeted full-year cost savings of £10m.” 

Total LFL revenue for the UK high street for the 20-week period was 3% lower compared with last year, but still remained “in line with expectations”.  

Carl Cowling, W H Smith’s group chief executive, said: “During the period, we successfully opened our largest UK travel store at Birmingham airport – a one-stop-shop for travel essentials – and we have received very positive feedback from both landlord and customers. 

“We continue to make excellent progress in North America, and I am particularly excited by the substantial growth opportunities that exist in this market. We are on track to open more than 50 new stores in North America this financial year. 

“In total, we are on track to open more than 110 stores this financial year.” 

He added: “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.” 

W H Smith will announce its 2024 interim results on Thursday 25th April.