UK retailer WH Smith’s quarterly revenue surpasses pre-pandemic levels
2022.06.15 10:57
FILE PHOTO: A person wearing a mask exits a branch of WH Smith in London, Britain, December 1, 2021. Picture taken December 1, 2021. REUTERS/May James
(Reuters) – British retailer WH Smith said on Wednesday its revenue in the third quarter beat pre-pandemic levels for the first time as more people travel to work and tourists return.
The company, which has stores in travel hubs and sells everything from books and sandwiches to Bluetooth headphones, expects its full-year performance to reach the higher end of analysts’ forecasts as travel rebounds in the summer season.
London-listed WH Smith continues to see recovery in the North American and British markets, with its total travel business revenue up 123% from 2019 pre-pandemic levels in the 15 weeks to June 11.
UK retailers have been looking to hike prices as they battle with escalating freight costs, supply disruptions, and higher raw material costs.
The company, which had suspended orders from its online greeting cards and gift unit Funky Pigeon following a cyber-security incident in April, said its High Street business sales were impacted by the incident.
Revenue in High Street reached 79% of the 2019 level during the quarter.
The group’s airport shops in the United Kingdom performed better than rail when compared to 2019 levels.
(This story corrects typographical error in first paragraph)
