WH Smith in talks to sell high street stores
WH Smith is talks to sell its high street stores as it looks to focus on its travel business.
Responding to press speculation, the retailer issued a statement over the weekend in which it said: “WH Smith confirms that it is exploring potential strategic options for this profitable and cash generative part of the group, including a possible sale.
“Over the past decade, WH Smith has become a focused global travel retailer. The group’s travel business has over 1,200 stores across 32 countries, and three-quarters of the group’s revenue and 85% of its trading profit comes from the travel business.”
Back in November, the retailer reported that total group revenue grew by 7% to £1.9 billion while headline profit before tax and non-underlying items climbed by 16% to £166 million.
Never Miss a Retail Update!The company’s travel division saw an 11% revenue boost, with growth of 12% in the UK, 9% in North America, and 18% in the rest of the world. In contrast, high street revenue declined by 4%.
The first of WH Smith’s stores opened 230 years ago. The retailer now operates 500 high street shops across the UK, employing around 5,000 people. Of these, 200 locations include Post Office counters, staffed by WH Smith employees.
WH Smith cautioned that there is “no certainty” an agreement will be reached regarding a potential sale and said it would provide updates as discussions progress.
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