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WH Smith is in talks to promote its excessive avenue retailers, the historic British retailer has introduced.
The corporate’s first retailer was opened in Little Grosvenor Avenue in London 230 years in the past. It grew into one of many main staples of the British excessive avenue with greater than 520 branches at present open throughout the UK, promoting largely books, stationary, and greeting playing cards.
However the agency has now been in talks with potential consumers for its excessive avenue shops – which make use of round 5,000 individuals – because it appears to concentrate on its journey branches.
In a press release, the agency mentioned it’s “exploring potential strategic choices for this worthwhile and money generative a part of the group, together with a doable sale,” a press release mentioned.
The previous decade has seen the retailer concentrate on its extra fruitful journey enterprise working from airports, practice stations and hospitals – with its excessive avenue enterprise accounting for under 15 % of the annual group buying and selling revenue. The primary journey retailer was opened in London’s Euston station in 1848.
“Over the previous decade, WH Smith has turn out to be a targeted international journey retailer,” the assertion mentioned.
“The group’s journey enterprise has over 1,200 shops throughout 32 nations, and three-quarters of the group’s income and 85% of its buying and selling revenue comes from the journey enterprise.
“There might be no certainty that any settlement will probably be reached, and additional updates will probably be offered as and when applicable.”
WHSmith reported pre-tax income of £166 million for the yr to August 31, up from £143 million the earlier yr.
Earnings remained flat at £32 million in its conventional excessive avenue enterprise. This got here regardless of a 2 % drop in like-for-like gross sales owing to cost-saving efforts.
