WH Smith (SMWH) Trading update summary

Executive summary

• Revenue for the 14 weeks to 6 June 2026 increased by 5% year-over-year on a constant currency basis, with like-for-like (LFL) revenue up 2% versus the prior year.

• Ongoing restructuring plans are progressing, with a focus on cost and cash discipline.

• A proposed placing of new ordinary shares aims to strengthen the capital position and support ongoing transformation.

Financial highlights

• Total UK revenue rose 5% year-over-year, with LFL revenue up 2%.

• North America revenue increased 10% year-over-year on a constant currency basis, but LFL revenue declined 1%.

• Rest of the World (ROW) revenue decreased 2% year-over-year on a constant currency basis, but LFL revenue rose 3%.

Outlook and guidance

• FY26 Headline Group profit before tax and non-underlying items expected to be £75m–£90m.

• North America FY26 revenue growth projected at 4%–6% with a trading profit margin of approximately 5%.

• Assumptions include continued weak consumer demand, no near-term improvement in confidence, and stable jet fuel supplies.

• Trading profit is expected to be heavily weighted to the final quarter.