W H Smith reports 'strong' peak summer period with UK doing 'particularly well'

W H Smith has reported a “strong” peak summer trading period in its pre-close trading update, published prior to entering its close period ahead of reporting its preliminary results on 14th November 2024, with the UK performing “particularly well”.

According to the update, group revenue is up 7% for the year compared to 2023, driven by Travel which is up 10% and “performed well over its peak trading period” in the second half of the financial year, in part due to strong passenger numbers.

In the first half of 2024, Travel UK revenue was up 15% on 2023, compared to growth of 7% in North America and 19% in the rest of the world.

Of the UK, the trading update stated: “In the UK, our strategy to create a one-stop-shop for travel essentials is delivering strong results and our focus on category development continues.”

Carl Cowling, Group chief executive said: “We have ended the financial year in a strong position, delivering a performance in line with our expectations with good growth across our Travel businesses. Our UK division performed particularly well over the peak summer trading period [...] Our colleagues have worked extremely hard to deliver these results over what has been a very busy summer, and I would like to thank them for their contribution to the Group’s success.”

The update also stated that the High Street business has performed “in line with expectations”, noting the opening of 30 Toys ’R’ Us “shop-in-shops” within WHSmith stores and plans to open a further 37 ahead of Christmas 2024, and that its businesses in North America and the rest of the world continue to show “good momentum”.