// WHSmith has seen total sales rise 92% thanks to a strong performance in its travel stores
// It opened 98 new stores in the UK this year and plans to open 150 new stores across 16 countries
WHSmith has reported a “significant recovery” as it recorded total sales rising by 92% on a like-for-like basis.
The retailer was boosted by a strong performance in its travel stores with revenue jumping 148% in the 10-week period to 5 November 2022.
WHSmith has opened 98 new stores across the UK this year and plans to open 150 new stores across 16 countries and in airports as varied as Los Angeles, Salt Lake City, Brussels, Oslo and Melbourne.
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For the year ended 31 August 2022, WHSmith said it saw profit before tax reach £73 million compared with a loss of £55 million in 2021.
Meanwhile, its total travel trading profit was at £89 million, compared with a loss of £39 million last year.
Its high street stores recorded profits of £33 million, compared with £19 million in 2021.
“2022 has been a successful year for WHSmith and we enter the new financial year with the Group in its strongest ever position as a global travel retailer with multiple growth opportunities across the world,” WHSmith CEO, Carl Cowling said.
“Our InMotion technology stores have had a very good year. We now have over 150 InMotion stores open, including 36 outside of the US. Our recently opened stores in the UK are trading ahead of our initial expectations and we have received excellent feedback from customers and landlords. We see significant scope to grow the brand globally.
“Our High Street division, including our online businesses, delivered another resilient and profitable performance. These businesses continue to generate strong cash flow allowing us to invest across the Group.
“The resumption of the dividend announced today reflects our strong current trading and the Board’s confidence in the future prospects of the Group.”
