WH Smith holds on to guidance despite Q3 sales slowdown
By Benjamin Chiou
Date: Wednesday 05 Jun 2024
(Sharecast News) - Stationary and book retailer WH Smith said it remains on track to hit full-year forecasts despite a slowdown in sales growth in third quarter, as strong growth in the travel division was tempered by falling sales on the high street.
Group sales increased by just 5% year-on-year in the three months to 1 June, easing from 8% in the first half of the year.
Turnover in the travel division rose by 8%, slowing from 13%, as growth rates across Travel UK, North America and Rest of the World segments all decelerated.
In the UK specifically, WH Smith said growth had slowed "as we annualise the strong recovery in passenger numbers in 2023".
Meanwhile, UK high street sales were down 4% on last year, though like-for-like revenues were flat.
"Looking ahead, the group is well positioned as we enter our peak summer trading period," the company said in its outlook statement.
"Good trading momentum continues across all three Travel divisions and we are in a strong position to capitalise on substantial growth opportunities across our markets."
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