Summer sales add shine to WH Smith’s performance

Sales at WH Smith are approaching £2bn after the retailer benefitted from a summer boost at the end of its financial year.

A “particularly strong performance” from the UK travel division of the Swindon-headquartered group helped to drive pre-tax profits up 16% to £166m. Dividends have been increased in line with profits, and supplements a £50m share buyback programme announced in September.

WH Smith’s group chief executive Carl Cowling said: “The group has delivered an excellent performance throughout the year, particularly over the key summer trading period.

“We are making excellent progress in the UK as we continue to benefit from the rollout of our one-stop-shop format which is creating significant opportunities to further grow profitability.”

Cowling is excited by opportunities for growth in North America, where the retailer has recently won “significant new airport business” including at Dallas, Denver and Washington Dulles airports.”

The share buyback programme was based on its confidence in the group’s “significant medium and long term prospects for our global travel business”, Cowling said.

“The new financial year has started well. While there is some economic uncertainty, we are confident that 2025 will be another year of good progress for the group.”