The “staycation” is over and Britons are holidaying abroad again, according to WH Smith, which has credited its bumper figures to a sharp increase in sales at its airport stores.
The stationery and newsagent group said that its pre-tax profits had jumped by 8 per cent to £123 million in the 12 months to August, with a 4 per cent like-for-like increase in sales from its travel division, which includes shops at airports and train stations.
Stephen Clarke, the chief executive, said that trading in its travel division in the second half of the year had not been as strong since before the financial crisis. “More people are going on holidays and it is not, as before, just from the big airports [in the south]. We are seeing higher passenger numbers in regional airports in the north too,” he said.
He added that investment in its travel store estate and extended opening hours had also helped its performance.
WH Smith’s high street portfolio reported a 2 per cent increase in its trading profit to £59 million during the period, although like-for-like sales were down 3 per cent.
Advertisement
The retailer was also helped by robust sales in its core stationery and books departments, with adult colouring books, Harper Lee’s new book and the latest instalment of the Fifty Shades of Grey series selling particularly well.