Iconic retailer sees high street sales slump as it considers selling 500 outlets
Iconic retailer sees high street sales slump as it considers selling 500 outlets
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Retail giant WH Smith has reported a slump in sales within its high street shops just days after the company confirmed it is considering selling off the 500-strong chain. The business disclosed a 6% drop in total high street sales during the crucial Christmas period ending January 25, with like-for-like sales falling by 3%. These figures follow the announcement over the weekend that talks are underway to potentially offload its high street stores so the firm can concentrate on its larger and more profitable travel division.
WH Smith noted that the decline in their high street presence meets their forecasts but highlighted their travel outlets, located in airports, railway stations, and hospitals, as having an "excellent performance" with a robust 6% growth in like-for-like sales over the same five-month span. This has contributed to an overall rise in revenue by 3% on a like-for-like basis.
The retail group shared an optimistic update that its high street branch emerged from the seasonal surge with "a clean stock position and we are on track to deliver our targeted full-year cost savings of £11m". Group chief executive Carl Cowling added his positive outlook, saying: "The group has had a good start to the financial year and we continue to see strong momentum across our core travel business. The group is in a strong position, and while there is some economic uncertainty, we are confident of another year of good growth in 2025.".
