WH Smith reveals falling high street sales amid talks to sell the division
WH Smith reveals falling high street sales amid talks to sell the division
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Retailer WH Smith has revealed sales at its high street estate remain under pressure just days after the group confirmed talks to sell the 500-strong chain. The firm said total high street sales dropped 6% in the 21 weeks to January 25, covering the key Christmas season, down 3% on a like-for-like basis.
It comes after the historic UK business confirmed over the weekend that it has held talks about potentially selling its high street stores to focus on its larger travel operation. The group said the fall in high street sales was in line with its expectations while it added that its travel shops based in airports, railway stations and hospitals delivered an “excellent performance” with like-for-like sales up 6% in the five-month period.
This helped revenues overall rise 3% on a same-store basis. The group said the high street arm came out of the Christmas trading season with “a clean stock position and we are on track to deliver our targeted full-year cost savings of £11 million”.
Carl Cowling, group chief executive of WH Smith, said: “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.”.
