WH Smith "financially strong" as high street revenues bounce back
High street retailer WH Smith has today announced that its revenues have risen by more than 60 per cent across the past year.
WH Smith, which has over 600 stores and 800 travel hub outlets, has reported an upswing in revenues compared to last year as pandemic restrictions are lifted across the country.
The company reported today (September 1) that its revenues for the second half of the year had risen by 65 per cent, growing on the first half’s increase of 60 per cent.
Revenues at the brand’s high street and online stores rose by 85 per cent in the second half of 2021, while travel stores lagged behind at 55 per cent as international travel restrictions stayed in place.
The figures have prompted WH Smith to update its full year predictions - which will be announced in November - to be “slightly ahead” of the expectations it outlined in July.
WH Smith commented: “As previously stated, we remain confident in revenues returning to pre-Covid levels in the next two to three years.
“While there will be a return to good levels of profitability in the year ending August 2022, the trajectory of the recovery in travel remains uncertain.
“This combined with the previously announced accounting finance charges relating to the successful convertible bond issue on 29 April 2021, means that we currently anticipate the levels of profitability for the year ending August 2022 will be at the lower end of market expectations.
“Although the pace of recovery varies across our markets, we are financially strong and well placed to capitalise on the multiple growth opportunities in our key markets.”
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