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WH Smith has reported rising profits across its shops at airports and railway stations as it prepares to sell its high street estate and focus purely on travel outlets. Profit across its travel shops rose by 17% to £63 million in the six months to February, compared with the previous year. Meanwhile, profit at its high street business slumped by a quarter to just £20 million, it said in a trading statement weeks after revealing it is selling the division.
Chief executive Carl Cowling said the group is “well-positioned for the peak summer trading period”. He added: “We are mindful of the increased level of geopolitical and economic uncertainty, however given the resilient nature of our business, we are well-positioned to benefit from the growth opportunities in global travel retail.” WH Smith closed their Bolton store in Crompton Place earlier this year and confirmed they wouldn't be reopening in a different location.
A member of staff said at the time the closure was due to the demolition of Crompton Place Shopping Centre. The shop held a closing down sale, with discounts of up to 50 per cent, before shutting the doors for good in February. A spokesperson for the company said that they were "disappointed" to be pulling out of the town centre and thanked customers for their support.
There is still a WH Smith in Bolton's train station. READ MORE: Hopes for D&R News and Off Licence in The Haulgh to reopen READ MORE: TVD Bolton marks 2 years of being employee owned with party READ MORE: Woodall Nicholson Group’s Coleman Milne in Westhoughton visited by MP The company confirmed in November that they would be pivoting away from high street stores towards more profitable travel locations. WH Smith has opened 14 stores in UK travel sites over the last financial year, while high street stores shut, including the announcement that the Bolton town centre was closing.
The company confirmed that the high street business only accounts for around 15 per cent of their annual group trading profit..
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