// WHSmith lifts full year profit expectations after first quarter group sales jump 23%
// The retailer posted sales under its travel arm rocketed 31% in the 13 weeks to 27 March 2023
WHSmith has raised its profit expectations for the full financial year as it bets on strong travel demand during the summer.
The high street retailer’s travel arm reported a 31% increase in sales in the 13 weeks to 27 May 2023, up 18% on a like-for-like basis.
In the UK, travel revenue surged 24% over the period as air sales increased 26%, hospitals 33% and rail 10% – despite strike action.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Following the strong momentum in its travel arm, WHSmith said first quarter group sales were up 23% year on year.
The retailer’s high street store and online sales edged up 2% compared to last year, with its store network total revenue also up 2%.
WHSmith it was in a “good position” ahead of the peak summer trading period and was “very well positioned for further growth” across its travel markets.
As a result, the retail giant said its expectations for the full financial year have “modestly improved” but did not provide an outlook range.
Analysts expect full-year profit before tax to be at £143m, according to Reuters.
Click here to sign up to Retail Gazette‘s free daily email newsletter
