WH Smith takes high street hit
Plans to restructure announced
Another high street staple has announced restructuring plans.
WH Smith has said it will close six stores and is halting its Cardmarket chain, of which there are 20 outlets, and its franchised convenience store arm WH Smith Local, after carrying out a detailed review into its businesses.
In the year trading till August, WH Smith’s profits dropped to £60m from £62m, while like-for-like revenues also fell three per cent.
WH Smith boasts 610 high street stores in the UK and 839 travel outlets.
However, in a statement it credited slime products as giving the business a boost.
“We had a good year in high street despite the well-documented challenges of the UK high street,” said Stephen Clarke, group chief executive of WH Smith.
“During an encouraging second half, the business traded well and we quickly identified the latest trend in the market, becoming a one-stop-shop for all slime-related products.
“Despite this good performance, we are not ignoring the broader challenges on the UK high street and, during the second half, we conducted a business review to ensure our high street business is fit for purpose now and for the future.”