Trading update
WH Smith reports 5% group revenue growth in H1 2026 on constant currency basis, with solid UK performance offset by North America challenges.
vs expectations: in line
- Group revenue growth (constant currency) 5% (prior 2025)
- UK revenue growth 2% (prior 2025)
- North America revenue growth (constant currency) 10% (prior 2025)
- Travel Essentials revenue growth (constant currency) 22% (prior 2025)
- InMotion revenue (constant currency) -1% (prior 2025)
- Resorts revenue (constant currency) -6% (prior 2025)
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The Group has delivered a solid performance over the 26 weeks to 28 February 2026 with total revenue up 5% on a constant currency basis versus the prior year.
Group revenue in the period compared to 2025 has been:
Revenue 26 Weeks to 28 February 2026
| Total versus 2025 | Total constant currency versus 2025 | LFL versus 2025 | |
|---|---|---|---|
| UK | 2% | 2% | 2% |
| North America | 5% | 10% | 1% |
| Rest of the World and Other | 11% | 8% | 6% |
| Group | 5% | 5% | 2% |
UK
Total revenue in the UK was up 2%, with LFL revenue also up 2%.
In Air, total revenue increased 1%, with LFL revenue up 2%. As expected, total growth has been impacted by temporary store closures across all Heathrow Airport terminals as we continue to invest in the quality of our UK store portfolio. Our refurbished flagship stores are expected to open in April.
The Hospital channel delivered another good performance with total revenue up 7% and LFL revenue up 4%. In Rail, total revenue was up 1% with LFL revenue down 2% against the backdrop of continuing consumer headwinds.
North America
Total revenue in North America increased by 10%*, with LFL revenue up 1%.
In Air, total revenue was up 15%*. The Travel Essentials business continues to perform strongly with total revenue for the 26 week period up 22%* and LFL revenue up 6%, driven by new store openings over the last 12 months and good spend per passenger growth.
We continue to see the same trends across our InMotion business as we reported in December 2025, with total revenue down 1%* compared to the prior year and LFL revenue down 4%. As previously disclosed, a review of the InMotion store portfolio is underway.
In our Resorts business, total revenue declined 6%* with LFL revenue also down 6%, largely driven by a continued reduction in Las Vegas visitor numbers. Following a review of this business, we have closed 3 fashion stores in the period and will execute our plan for the remaining fashion stores portfolio during the balance of the year.
* on a constant currency basis
Rest of the World and Other
Total revenue increased 8%* and 6% on a LFL basis, as a result of the annualisation of new store openings in the prior year.
We continue to actively manage our international store portfolio and will exit sub-scale markets as contracts expire or through targeted portfolio actions. During the period, we closed 4 uneconomic stores at Düsseldorf Airport at lease end.
Outlook
The Group has delivered a solid first half performance and is on track to deliver Group guidance for the year.
Looking ahead, we are mindful of the geopolitical uncertainty in the Middle East and the impact that this is having on passenger numbers across our key markets. We will continue to monitor the situation and focus on what we can control, including executing against our clear strategic priorities and strengthening our focus on cost and cash discipline.
The Group will announce its Interim results on 23 April 2026.
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