WHSmith’s annual profit has increased, primarily driven by a surge in travel sales.
- The group’s pre-tax profit rose by £1m, reaching £46m for the fiscal year ending August 2024.
- Travel division sales rose by 10%, significantly contributing to the overall revenue increase.
- The travel arm’s profit rose from £47m to £50m, contrasting with a decline in high street profits.
- CEO Carl Cowling highlighted strong performance in the UK travel market during summer.
WHSmith has reported a notable increase in its annual profit, which has risen to £46 million for the year ending 31 August 2024. This represents a growth of £1 million compared to the previous year, underscoring a period of robust financial performance.
The primary driver of this growth was a substantial 10% increase in sales from the company’s travel division. This boost in the travel sector helped to counterbalance the challenges faced in other segments of the business, particularly the high street operations.
The travel arm of WHSmith performed exceptionally well, with profits rising from £47 million to £50 million. This contrasts with the high street segment, where profits declined from £24 million to £22 million, highlighting the divergent outcomes across different areas of the company.
Carl Cowling, CEO of WHSmith, remarked on the solid position the company ended the financial year in, attributing much of the success to the travel business’s strong growth. He noted, ‘We have ended the financial year in a strong position, delivering a performance in line with our expectations with good growth across our travel businesses.’
Further expansion was achieved with the opening of 30 Toys ‘R’ Us shop-in-shops within WHSmith stores, with plans to open an additional 37 by Christmas 2024.
Overall, WHSmith’s fiscal year results reflect a strong performance, driven predominantly by its successful travel division.
