WH Smith (SMWH) Trading Update summary

Trading performance

• Group revenue rose 6% on a constant currency basis in the 13 weeks to 1 June 2024, with Travel revenue up 9%.

• UK Travel revenue increased 9%, driven by strong performance in Air, Hospitals, and Rail segments.

• North America Travel revenue grew 5% on a constant currency basis, with flat like-for-like sales.

• Rest of the World Travel revenue surged 16% on a constant currency basis, reflecting improved passenger numbers.

• High Street revenue declined 4%, but like-for-like sales were flat; five new Toys "R" Us shop-in-shops opened.

Strategic initiatives and developments

• Launched Smiths Family Kitchen food-to-go brand in over 300 UK Travel stores, receiving positive customer feedback.

• North America division implemented space rebalancing, expanded snacking/confectionery, and added more chillers, with encouraging early results.

• Secured a new contract for four stores at Detroit airport, with a strong tender pipeline in North America.

• Continued expansion in Rest of the World, winning new business and capitalizing on passenger growth.

• On track to open 25 more Toys "R" Us shop-in-shops in UK High Street stores by year-end.

Outlook

• Group remains on track to deliver full-year results in line with expectations.

• Well positioned for the peak summer trading period, with strong trading momentum across all Travel divisions.

• Substantial growth opportunities identified across key markets.