WH Smith (SMWH) Trading Update summary

Trading performance

• Total travel revenue rose 7% on a constant currency basis for the 13 weeks to 31 May 2025 versus the prior year.

• UK travel division revenue increased 5% overall, with like-for-like (LFL) growth of 6%; Air LFL up 7%, Hospitals up 3%, Rail up 6%.

• North America division revenue grew 7% on a constant currency basis, with LFL up 2%; Air LFL up 4% and total Air revenue up 9%.

• Rest of the World revenue increased 12% on a constant currency basis and 7% LFL, supported by rising passenger numbers.

Strategic initiatives and operations

• Seven stores at Edinburgh airport were refitted, including a new one-stop-shop, standalone bookshop, and Smith's Family Kitchen coffee concept.

• Ten new Air stores opened in North America, including locations in Calgary, Denver, Detroit, and Washington.

• Sale of the UK High Street business to Modella Capital is on track for completion by end of June 2025.

Outlook and positioning

• Full-year expectations remain unchanged since the interim results on 16 April 2025.

• The group is focused on cost and cash discipline and is well positioned for the peak summer trading period.

• Substantial value-creating opportunities are anticipated across markets despite economic and geopolitical uncertainties.