WH Smith to cut 1,500 jobs as high street and travel footfall plummets August 5, 2020 WH Smith is preparing to cut 1,500 jobs, the high street retailer announced this morning, as it warned it expects to post a full-year loss of £75m due to the coronavirus pandemic. The retailer said it is reviewing its store operations across both its travel and high street businesses due to lower high street footfall [...]
WH Smith revenue dives 85 per cent during coronavirus lockdown May 14, 2020 WH Smith reported an 85 per cent drop in revenue for last month after the coronavirus lockdown forced the retailer to close high street and transport hub stores. The newsagent chain said travel revenue plunged 91 per cent due to travel bans around the world, and high street revenue was down 74 per cent. WH [...]
Coronavirus: WH Smith raises £165.9m through share placing April 7, 2020 WH Smith has raised around £165.9m through a share placing to shore up its balance sheet amid the coronavirus crisis. The retailer was forced to tap investors for a cash injection after the outbreak forced it to close its travel business and the majority of high street stores. WH Smith can now access a £120m [...]
WH Smith to tap investors for up to £150m due to coronavirus outbreak April 6, 2020 WH Smith has confirmed it is planning to tap investors for a cash injection of up to £150m to shore up its balance sheet due to the impact of coronavirus. The company said this morning that it has secured new lending facilities of £120m to strengthen its balance sheet, working capital and liquidity position, however [...]
WH Smith shares plunge on £40m coronavirus profit warning March 12, 2020 Shares in WH Smith fell more than 15 per cent this morning after the retailer warned that it could take a £40m profit hit due to the coronavirus outbreak. The newsagent chain said it expects profit to be down between £30m to £40m in the financial year ending 31 August against previous expectations, while revenue [...]
WH Smith removes Telegraph from railway station stores February 19, 2020 WH Smith has stopped selling the Telegraph in some of its branches following a dispute over prices. The decision to stop selling the newspaper in its railway station shops comes after the Telegraph increased the price of its daily, Saturday and Sunday editions earlier this month. However, the newspaper publisher has not yet increased the [...]
WH Smith calls on landlords to overhaul rent payment February 9, 2020 WH Smith is said to be urging its landlords to push back rent payment deadlines as the retailer looks to cash in on high street troubles. The stationery chain is set to push landlords to switch from receiving payment in advance to receiving it in arrears, the Sunday Times reported. The move, which would come [...]
WH Smith in the sun as travel division drives growth January 22, 2020 WH Smith defied the winter woes that have affected many of its fellow retailers, with revenue up seven per cent for the 20 weeks to Christmas. The growth was largely driven by an especially strong performance by the high street stalwart’s travel business, which runs stores in airports and rail stations. In total, the division [...]
WH Smith faces backlash over new chief executive’s pension package January 11, 2020 WH Smith has been criticised by investors for the size of its new chief executive’s pension contribution. Carl Cowling is being paid a pension contribution worth 12.5 per cent of his salary. The Investment Association has issued its strongest-possible objection to the payment, which it says is not in line with the average employee, as [...]
WH Smith boosted by ‘strong’ performance of travel stores August 28, 2019 WH Smith said today it is on track to meet full-year expectations, helped by a strong performance in its travel stores. Read more: Shoppers rank their least favourite UK high street stores The stationer and convenience store retailer said in a trading update that its travel business – stores at stations, airports, hospitals, and service [...]