WH Smith has seen its revenues jump by 28%, due to an increase in people traveling.
The Swindon-headquartered retailer said in its latest trading update that this boom was driven by trading at its shops in airports and railway stations as travel grew by 42%.
The group saw sales in its travel arm leap 42% higher, up 27% on a like-for-like basis, over the year to August 31. Second-half comparable travel sales lifted 15%, while sales edged 1% higher in its high street estate.
Travel sales growth slowed from a 48% surge on a like-for-like basis in the first half, although this was compared with pandemic-hit trading in early 2022.
Read more: WH Smith completes bank refinancing with new long term £400m sustainability linked facility
WH Smith said the performance helped drive a 28% rise in total group revenues over the full-year, after a 17% rise in the second half, keeping it on track for recently upgraded profit expectations.
In a statement on the London Stock Exchange, the retailer said: “In the 海角视频, we saw continued strength in air passenger numbers in the peak holiday season, building on the recovery in passenger numbers that we saw in the second half of the previous financial year.”
WH Smith also noted growth in its hospital business, while its rail division remained "resilient" in light of the ongoing industrial action across the 海角视频.
Most Read
The retailer continued to grow in North America, with annual revenues up 31%, and said the rest of the world continued to show "good momentum", whilst also reflecting the strength in the Pound.
The firm expects that its growing travel trade is set to represent more than 70% of all revenues by the end of the year, as well as 85% of its profits.
WH Smith opened 43 sites across North America in the past year and plans to add at least another 40 in the year to August 2024.
During the year WH Smith opened 20 new stores including eight new stores in hospitals. The company said it expects to open over 15 new stores in the financial year ending August 2024, as well as 25 elsewhere worldwide.
Like this story? Why not sign up to get the latest South West business news straight to your inbox.