WH Smith (SMWH): Pure-play travel portfolio reset

This situation live

£612m · 419.2p · −39% since the first step

23 Apr 2026 · Under way: Heathrow flagships open, exits continuing · −28% until the next step Moving forward, the focus will be to reduce the Group's presence in or exit sub-scale markets.

Disposal of a part (break-up)

Pure-play travel portfolio reset

Exits continuing; Cult Pens sold

NOV12 Next: Update on key priorities at preliminary results in 19 days

Every step · 5

19 Dec 2025 Exits and reviews announced – Plan to exit North America fashion and speciality stores and to review the breadth of InMotion NA portfolio ↗
5 Mar 2026 Under way: first stores closed – 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... ↗
23 Apr 2026 Under way: Heathrow flagships open, exits continuing – Moving forward, the focus will be to reduce the Group's presence in or exit sub-scale markets. ↗
10 Jun 2026 Store exits continuing; reviews ongoing – Further action has been taken in the Resorts segment to address underperformance, with 14 uneconomic fashion stores now either closed or with agreed closure dates. ↗
16 Sep 2026 Exits continuing; Cult Pens sold – During the year, the Group exited Norway, agreed to exit the Denmark and Sweden markets in early 2027 and will exit the Netherlands on lease expiry in 2027... ↗

What is happening

WH Smith: Pure-play travel portfolio reset – Exits continuing; Cult Pens sold. ['Exits continuing; Cult Pens sold']

In short: After selling its High Street business and funkypigeon.com, the Group is pure-play travel retail and has been closing North America fashion and non-core Rest of World stores. The 16 September 2026 update adds the Norway exit, agreed exits from Denmark and Sweden in early 2027, the Netherlands exit on lease expiry in 2027, and the Cult Pens sale in early September 2026. North America Resorts revenue fell 26% in Q4.
Announced: 19 Dec 2025 · Exits and reviews announced
Latest: 16 Sep 2026 · Exits continuing; Cult Pens sold
Next milestone: Preliminary results on 12 November 2026
Las Vegas: Strategic options being considered for Welcome to Las Vegas business
InMotion: Store portfolio review ongoing; LFL down 5% in last 7 weeks
ROW: 5 uneconomic Norway stores closed; landlord talks to exit or move stores to franchise
Impairment: Up to £150m non-cash charge linked to InMotion review, store exits and ROW restructuring
Cult Pens: Sale completed in early September 2026
Resorts: Q4 total revenue down 26% on fewer visitors and fashion store rationalisation
Travel Essentials: Targeted capital investment in higher-return space

Update on key priorities at preliminary results (12 Nov 2026).

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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