Jun 15, 2022
Travel rebound pushes WHSmith quarterly sales to pre-pandemic level
WHSmith said full-year profits would be towards the top end of market forecasts as its travel business continues to recover, providing some rare positive news in a sector that has been battered by concerns about the rising cost of living. WHSmith's increasingly global travel division, which operates more than 1,100 stores in airports, railway stations and hospitals, is driving the recovery. Sales grew 123 per cent compared to the same period in 2019, as more regions of the world opened up to domestic and international travel. WHSmith said it was "Well placed to capitalise on the ongoing recovery in our key markets" and pointed to a pipeline of 125 travel locations where tenders had been won but stores not yet opened. The focus on maximising sales per square foot makes the group popular with airport operators, whose leasing model is usually based on taking a percentage of the sales achieved by the store.
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