WH Smith PLC Pre-close Trading Update (4695L)
06 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMSMWH
RNS Number : 4695L
WH Smith PLC
06 September 2023
WH Smith PLC
The global travel retailer
Pre-close Trading Update
Strong Summer Trading - Full Year in Line with Expectations
6 September 2023
Prior to entering its close period ahead of reporting its
preliminary results for the twelve months ending 31 August 2023 on
9 November 2023, WH Smith PLC announces the following pre-close
update.
Full Year Result
WH Smith PLC expects the outcome for the year to 31 August 2023
to be in line with the upgraded expectations which followed the
third quarter trading update on 31 May 2023.
Group Revenue
Group revenue was up 28%(1) for the year versus 2022, driven by
Travel which was up 42%(1) . The shape of the sales performance in
the year reflects the much stronger passenger numbers in the second
half of our 2022 financial year compared to the first half of 2022,
which included the impact from the Omicron variant. We have seen a
strong performance from Travel in the second half, as passenger
numbers continue their positive trajectory.
Group revenue compared to 2022 has been:
Total vs 2022 (1) LFL (2) vs 2022 (1)
H1 H2 Full Year H1 H2 Full Year
----- ---- ---------- -----
Travel 75% 23% 42% 48% 15% 27%
----- ---- ---------- ----- ---- -----------
High Street(3) (1)% -% (1%) -% 1% 1%
----- ---- ---------- ----- ---- -----------
Group 41% 17% 28% 27% 11% 18%
----- ---- ---------- ----- ---- -----------
Travel
Total revenue in Travel compared to 2022 has been:
Total vs 2022 LFL (2) vs 2022
H1 H2 Full Year H1 H2 Full Year
----- ---- ---------- -----
UK 66% 18% 36% 52% 17% 30%
----- ---- ---------- ----- ---- ----------
North America 53% 17% 31% 22% 3% 11%
----- ---- ---------- ----- ---- ----------
Rest of
World 209% 55% 98% 122% 27% 53%
----- ---- ---------- ----- ---- ----------
Total
Travel 75% 23% 42% 48% 15% 27%
----- ---- ---------- ----- ---- ----------
(1) Unaudited
(2) At constant currency
(3) Includes internet businesses
Further to the Group's trading update on 31 May 2023, our Travel
businesses continued to benefit from the recovery in passenger
numbers across all our key travel markets. Our focused in-store
strategy has delivered strong ATV growth and higher penetration,
driven by our enhanced ranges including food, and the broadening of
our categories, most notably health and beauty and technology.
In the UK, 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. Our hospital channel is performing well, and our rail channel
has been resilient in view of the ongoing industrial action
impacting rail. During the year, we opened 20 new stores, including
8 new stores in hospitals. We anticipate opening over 15 new stores
in the financial year ending August 2024.
Our businesses in North America and the Rest of the World
continued to show good momentum, whilst also reflecting the
strength in sterling. The North American travel market, which
recovered ahead of other markets, has returned to normal trading
patterns. At the same time, we continue to win significant market
share. During the year, we opened 43 stores in North America, and
have had further recent significant tender wins, including 4 stores
at San Diego airport. In the Rest of the World, we have opened an
additional 30 stores and have won further new business, including
new stores at Budapest and Madrid airports.
In the financial year ending 31 August 2024, we anticipate
opening over 40 new stores in North America and 25 new stores in
the Rest of the World. Including our UK Travel business, we
therefore anticipate opening over 80 new stores across all our
Travel businesses in the financial year ending August 2024,
demonstrating the growth prospects in Travel across all our
geographical markets. We continue to be active in a number of
ongoing tenders.
High Street
Our High Street business has performed well and in line with
expectations. Our strategy remains unchanged as we continue to
focus on cost efficiencies and the return on space.
2023 Preliminary Results
The WH Smith PLC preliminary results investor and analyst
presentation for the year ending 31 August 2023 will be held on
Thursday 9 November 2023.
Enquiries:
WH Smith PLC
Mark Boyle Investor Relations 07879 897687
Nicola Hillman Media Relations 01793 563354
Brunswick
Tim Danaher 020 7404 5959
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END
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