WHSmith has reported a “solid” first-half trading performance, with growth driven largely by its international travel arm, as the retailer continues to distance itself from the struggling UK high street business now operating under the TGJones name.
From September to the end of February 2026, total WHSmith group revenue rose 5 per cent.
The headline growth emphasises a widening divide between WHSmith’s expanding global travel retail operations and the former high street estate that was carved out into TGJones (now owned by Modella Capital) in 2025.
The latter business has already begun to report weaker performance amid ongoing consumer pressure. It announced this week that it was considering a restructuring plan, before bringing in corporate advisors.
WHSmith’s travel division once again provided the bulk of growth, reinforcing the strategic pivot that has defined WHSmith’s transformation over the past decade.
In North America (now a critical engine of expansion) total sales climbed 10 per cent, with like-for-like revenues up 1 per cent.
Within the region’s airport channel, total sales surged 15 per cent, reflecting the continued recovery in passenger traffic and increased spend per traveller.
Meanwhile, WHSmith’s North American travel essentials business delivered particularly strong momentum, with total sales jumping 22 per cent and like-for-like growth of 6 per cent.
The uplift was largely driven by new store openings over the past year and stronger passenger spending.
Across the rest of the world, sales increased 8 per cent, with like-for-like revenues rising 6 per cent as the business benefited from the annualisation of stores opened during the previous year.
The company said it will continue to actively manage its international portfolio, including exiting smaller or less strategic markets as contracts expire.
UK performance steady despite Heathrow disruption
Back in the UK, sales growth was more modest, reflective of ongoing economic pressures and disruption within its airport estate.
Total UK sales increased 2 per cent, with like-for-like revenues also up 2 per cent.
Within UK airports, total sales rose 1 per cent and like-for-like sales increased 2 per cent, though WHSmith said growth had been temporarily held back by store closures across Heathrow terminals as it upgrades its UK travel estate.
Refurbished flagship stores are scheduled to reopen in April as part of the company’s wider investment in higher-quality travel retail environments.
Elsewhere in the UK travel network, hospital locations delivered strong performance, with sales rising 7 per cent and like-for-like growth of 4 per cent.
Rail locations were weaker, however, with total sales up 1 per cent but like-for-like revenues falling 2 per cent as consumer spending pressures continue to weigh on commuter traffic.
Despite the positive trajectory in travel retail, the company warned that geopolitical instability could impact future performance.
WHSmith said it remains “mindful of the geopolitical uncertainty in the Middle East and the impact that this is having on passenger numbers across our key markets”.
WHSmith is due to publish its full interim results on 23 April.
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