Update Wh Smiths Banbury Review – WH Smith plans to focus on tourist spots at airports and train stationsCredit: Philip Toscano
W.H. Smith will halt its High Street revitalization initiative and close six stores after a “deep review” of the business as brick-and-mortar stores struggle in the trading environment. sluggish
Update Wh Smiths Banbury Review
The company’s stock has been hit by news that the retailer is halting projects such as franchise stores WH Smith Local and low-cost greeting chain Cardmarket and focusing on lucrative travel stores. more like airports and train stations
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That review comes after a tough year at brick-and-mortar stores. It reported a 3% drop in trading profit to £60m and similar sales were down 3% in the year to August 31.
The company has ordered the closure of its £11 million store at its High Street store. This caused group pre-tax profit to fall 4% to £134m. Total revenue rose 2% to £1.3bn.
Chief Executive Stephen Clark said the high street business was the third highest profit in 15 years, but the “killing” sentiment of other brick-and-mortar retailers couldn’t be ignored.
He said: “When we looked at the High Street portfolio. There are five or six stores, so unusual that even if we were able to negotiate zero rent with the tenants, They are still a losing store. therefore we Decided to close those stores and demolish them.
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“The rest of our portfolio is expected to remain very stable. The idea that we gave up on the main road is not true. Because we don’t have a long line of losers. And we have flexible rental situations. I do not foresee any big changes in the number of our stores in the future.”
WH Smith Managing Director Stephen Clarke at the company’s Victoria Station store Credit: Jeff Pugh Photo:
WH Smith has grown in recent years thanks to increased sales in its expanding international travel division. Trading profit in the travel segment increased 7% to £103m due to the opening of 78 new stores, overall sales up 3 and 8%. The division now has 286 offices in 27 countries and 50 airports, which account for It accounts for more than half of the company’s sales and two-thirds of its profits.
The retailer is raising its final dividend for the sixth straight year by 13 per cent to 54.1 per share. It is buying back £50 million worth of shares, showing “confidence over the group’s future prospects”.
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The FTSE 250 company also reports that sales are in line with the latest trends in slime-related products. This includes pre-made and homemade slime packs.
Competition from online retailers has left many traditional stores such as John Lewis and Marks and Spencer struggling. According to Local Data, traditional retailers have seen their share of high street space drop from 33% in 2012. to 29.5% this year.
Mr Clarke added: “The big shift to online is impacting some retailers. We got that ordeal years ago. If you look at WH Smiths 15 years ago, our business was evenly divided into four positions: CDs and DVDs, stationery, magazines and books.
“We’ve come a long way since then. More than half of our sales are stationery and we’ve grown 3 per year for the last 4 years. We stopped selling CDs and DVDs because you couldn’t make money. get out of them.”
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Julie Palmer of Begbies Trainor says, “Whether stumbling down a yellow brick road or charting a path, WH Smith is a great example of how online isn’t the only solution for traditional retailers. Because tourist groups like development as a point of interest change A masked man walks out of the WH Smith branch in London, UK, December 1, 2021. Photograph taken December 1, 2021. /May James
Nov. 10 () – W.H. Smith (SMWH.L) reinstated Thursday’s dividend payout. After annual profits were below market expectations due to increased travel demand from the COVID-19 pandemic slowdown, even a labor dispute at train station shops. They disturb the iron.
The company, which sells everything from books and sandwiches to Bluetooth headphones, said it would pay a final dividend of 9.1 pence per share. It suspended its dividend in 2020.
The tourism industry is growing rapidly throughout the year. This led to long waits and chaos at airports and train stations for passengers. The strike in England, though, has also disrupted travel.
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“…While there is economic uncertainty Worldwide travel patterns continue to improve. which when combined with the strength of the group’s growth opportunities It means we are well positioned for a significant year of growth in 2023,” he said to CEO. mudguard.
The company reported a profit of 73 million pounds ($82.99 million) for the year ended August 2022, up from a loss of 55 million pounds a year earlier. WH Smith said it was negotiating leases for 120 stores this year and looking for another 300. It is being renewed for the next three years. Photo: Tolga Akmen/AFP/Getty Images
WH Smith has decided to close 25 of its high street stores, affecting some 200 jobs after the coronavirus pandemic has cost retailers £280 million in crisis.
The book told the Paperclip Network it was likely to close its stores permanently. Most of which are small shops. after sales at the high street business dropped 19%
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However, previously successful group travel hotspots such as stations, airports and hospitals have suffered even worse. They recorded a 43% drop in sales for the year through August 31.
The company, which operates more than 1,000 stores in the UK and 500 overseas, said it “While this decision will not be easy for our colleagues or the communities we serve, It’s important that we maintain strong stock and cash flow. We have a portfolio that will create the high street of the future”
The group said it plans to negotiate new lease terms for 120 stores this year and another 300 for renewals over the next three years. Agreed to reduce average rent by 45% last year.
WH Smith also canceled last year’s £47m dividend as it expected to burn £20m in November alone when England’s high streets were closed to curb the spread of Covid-19 to prevent it. The group has canceled the half-year dividend. This means that it will be paid to shareholders this year.
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The latest job cuts follow the loss of 1,500 jobs WH Smith announced in August, or about 15 percent of the company’s 14,000 strong global workforce at stores located in train stations and airports.
WH Smith said it spent £21m on restructuring and back-up costs during the year and £4m on the French exit and joint venture in Brazil as a result of the pandemic.
These one-time costs contribute to the company’s annual loss of £280m, up from profits of more than £100m last year, despite £22m taken in job retention and similar projects in the United States. other countries and £20 million from the UK remaining business price
WH Smith Chief Executive Carl Cowling said: “The segment delivered strong first-half results and strong trading pre-Covid-19. We have been hit hard by the pandemic since March.”
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Cowling said WH Smith had strong trading in October. Christmas card sales are up 50%, but closing in November is likely to be difficult.
“We can turn it into a newsstand. But that’s still not good for us. “There’s a big drop in foot traffic,” Cowling said. He said retailers are preparing shopper queues for December. Most of the shops will reopen under the government’s latest anti-virus measures. It has been backed by firms like Primark and Marks and Spencer to extend trading hours next month.
“Even though I’m busy [In December] you can add 10% to 20%,” Cowling said.
He added that while the number of passengers at stations and airports in the UK has dropped dramatically, WH Smith’s North American business, where 85% of its air passengers are domestic. “Starting to see encouraging signs of recovery.”
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He said they would continue to open new stores in US airports, but acknowledged that sales in UK travel stores would only recover to 60% of pre-Covid levels by August next year. While street sales will remain at 14% and will decline.
Cowling said WH Smith had a “robust plan” focused on cost management and sufficient cash to survive despite having two more months in the UK.
“We are a stable and growing business. The actions we are taking put us in a strong position to weather these times of uncertainty. And we are in a good position to benefit as our market returns to growth,” he said. The US fund Causeway Capital Management, which has called for changes in Rolls-Royce, has increased its stake in WH Smith.
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