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(Alliance News) - WH Smith PLC on Friday said it has made a robust start to its financial year, as its pivot toward travel retail proves inspired.
Total sales in the first 20 weeks to January 20 rose 8% year-on-year, climbing 13% in the Travel arm alone. Its High Street offering was less robust, with sales in that division declining 4% on a year earlier. The firm ends its financial year in August.
On a like-for-like basis, sales were up 5%, driven by a 10% jump in Travel, partly offset by a 3% fall in High Street.
Chief Executive Carl Cowling said ahead of the London-based firm's annual general meeting: "I am pleased with the start to the financial year. Our Travel business is growing strongly across all our divisions and we have seen a notably strong performance in the UK, our largest division, with total revenue up 15% and like-for-like revenue up 14%.
"During the period, we successfully opened our largest UK Travel store at Birmingham airport - a one-stop-shop for travel essentials - and we have received very positive feedback from both landlord and customers."
Cowling noted the firm has also made "excellent progress in North America", with WH Smith on track to open 50 new stores there during this financial year.
"In total, we are on track to open over 110 stores this financial year," Cowling added.
"The group is trading well and is in its strongest ever position as a global travel retailer. We are confident of another year of significant growth in 2024."
WH Smith announces half-year results on April 25.
Shares were up 1.0% to 1,244.21 pence early Friday in London.
By Eric Cunha, Alliance News news editor
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