WH Smith said it was set for a return to meaningful profit next year as it narrowed annual losses as the travel sector opened up from Covid-19 restrictions.
The stationery retailer on Thursday reported a pre-tax loss of £116m compared with a loss of £280m last year. Revenue fell to £886m from £1.02bn a year earlier with sales forecast to hit 2019 sales levels in this financial year and travel revenue at 84% of pre-pandemic levels last month.
“Travel remained impacted by the government enforced travel restrictions throughout the year. However, we saw an improved performance across all channels in the second half as restrictions were eased in most countries where we operate and which has continued into Q1 of the current financial year,” WH Smith said in a statement.
“We saw a consistently robust performance in High Street throughout the year, despite footfall declines, with the important December trading period at 92% of 2019. Our internet businesses have continued to perform strongly.”
