WH SMITH yesterday reported a 28 per cent surge in full-year revenues compared to a year ago, as the group was bolstered by a busy period for summer travel.

The high street stalwart said revenues across its train and airport stores jumped 42 per cent as travel rebounded post-pandemic.

During the year, the business opened 20 new stores, including eight new stores in hospitals, and plans to open over 15 new stores over the next year.

In its home market of the UK, total revenue rose 36 per cent compared to last year, while US revenue surged 31 per cent.

WH Smith said the North American travel market had rebounded quicker than other countries, with the group opening 43 stores in the region during the year.

Despite the positive update, shares in the retailer fell almost seven per cent, with analysts suggesting investors had been worried by the slowdown in the pace of sales growth.

(c) 2023 City A.M., source Newspaper