WH Smith launches £50m share buyback after strong summer
Retail group WH Smith is to return £50m to shareholders after it “ended the financial year in a strong position”.
Revenues were up 7% in the year to August, led by its travel division which performed well over its peak summer trading period.
The retailer said its performance was driven by strong passenger numbers and key initiatives, with its new food-to-go offer, Smith’s Family Kitchen, “performing ahead of expectations”.
However its high street business saw a 4% fall in revenues. In the last six months it has opened 30 Toys “R” Us shop-in-shops within its WH Smith stores and plans to open another 37 ahead of Christmas 2024.
WH Smith’s group chief executive Carl Cowling said: “We have ended the financial year in a strong position, delivering a performance in line with our expectations with good growth across our Travel businesses.
“Our UK division performed particularly well over the peak summer trading period.”
The group has launched a £50m share buyback, which it said “reflects strong ongoing cash flow”. It has also benefitted from an £85m return following the buyout of its pension scheme.
