WH Smith, the renowned books, magazine, and snack retailer, is set to meet its upgraded fiscal 2023 earnings, driven by a surge in travel and robust passenger numbers during the latter half of the year.
Impressive Revenue Growth
For the fiscal year ended August 31, WH Smith reported an 18% increase in revenue on a like-for-like basis. Notably, its travel segment experienced a remarkable uptick of 27%, while the high street segment saw a more modest growth of 1%.
Q2 Highlights
During the second half of the year, the company witnessed group revenue rise by 11%. Travel revenue displayed a notable increase of 15%, while the high street sector remained steady at 1%.
Positive Guidance and Expansion Plans
Following an impressive revenue performance over the 13-week period ending on May 27, WH Smith raised its full-year guidance. However, specific figures were not disclosed. Analysts had previously predicted a pre-tax profit of £143.7 million ($180.6 million) and revenue of £1.80 billion.
Furthermore, WH Smith announced plans to open 40 new stores in North America and an additional 25 stores in other international locations. Including its UK travel business, the company aims to launch over 80 new stores within the travel sector during this fiscal year.
Upcoming Earnings Announcement
WH Smith is scheduled to report its fiscal 2023 earnings on November 9.