WH Smith has said it is well positioned to return to “meaningful profit” in 2022 despite the impact of Covid restrictions on its travel and high street stores.
The Swindon-based retail group reported a pre-tax loss of £104m for the year to August, though this was an improvement from losses of £226m for the previous period.
Total revenues for the year dropped by 13% to £886m compared with the previous year.
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The firm said its high street business returned to growth over the year, with revenues increasing by 4% to £485m for the year.
This was more than offset by lower sales from train station and airport shops amid reduced traveller footfall.
Carl Cowling, WH Smith group chief executive, said despite the challenges presented to the high street during the pandemic, it had delivered a “resilient and profitable performance”.
Mr Cowling added that its online businesses had delivered strong growth in the year, including a record performance for its digital greetings card retailer funkypigeon.com
The firm’s travel business saw sales tumble by 27% to £401m over the past year, with a 43% slump across its 海角视频 travel stores.
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However the company reported a “good start” to the new financial year starting September. It said it had seen “improving trends” within its travel arm, with sales for last month at 84% of the levels from October 2019.
Over the year the group expanded its airport technology stores businesses and said it has a “very strong pipeline of new store openings, with over 100 stores already won and due to open in travel over the next three years”, with the majority of these in North America.
Mr Cowling added: “The group has delivered a good performance in the evolving trading environment.
“We are a financially strong and resilient group with significant opportunities to grow.
“While we continue to plan with caution, the group is well positioned to capitalise on the recovery in our key markets and take advantage of the many exciting opportunities ahead.”
The group said that as of October 2021, it had 1,540 stores open around the world out of a total portfolio of 1,711 stores.
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