By Matthew Roscoe • 12 November 2020 • 10:42
WH SMITH shows signs of recovery in North America according to reports on Thursday, November 12, as it opens stores and secures new business despite the pandemic.
The British retail company, who was hit hard by the COVID pandemic, has scrapped its dividend for the full year as the pandemic drove it to a pre-tax loss of £280m (€313m).
The pandemic hit WH Smith’s operations in North America, where it has expanded in the airport market through its £305m (€341m) takeover of Marshall Retail Group last year, however, it said passenger numbers had picked up quickly and it expected a faster recovery in this region than in the rest of the world.
“While passenger numbers continue to be significantly impacted in the UK, our North American business, where 85% of passengers are domestic, is beginning to see some encouraging signs of recovery,” said Chief Executive Officer Carl Cowling.
WH Smith, which currently has 558 high-street stores and 243 travel stores open, including 206 post offices and 135 hospital stores, said it could cut up to 1,500 jobs as part of a restructuring of its UK store operations.
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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