**Summary**
WH Smith PLC released a trading update for the 26-week period ending February 28, 2026, reporting a solid first-half performance with total revenue up 5% on a constant currency basis compared to the previous year. Key highlights include
1. **UK Performance**Total revenue increased by 2%, with like-for-like (LFL) revenue also up 2%. The Air segment saw a 1% total revenue increase and a 2% LFL rise, despite temporary store closures at Heathrow Airport due to ongoing investments. The Hospital channel performed well with a 7% total revenue increase and 4% LFL growth, while Rail revenue was flat with a 2% LFL decline.
2. **North America Performance**Total revenue grew by 10% (constant currency), with LFL revenue up 1%. The Air segment, particularly Travel Essentials, saw strong growth (22% total revenue, 6% LFL), driven by new store openings and higher passenger spend. However, the InMotion business continued to struggle, with a 1% total revenue decline and a 4% LFL drop, prompting an ongoing portfolio review. The Resorts business declined by 6% in both total and LFL revenue due to reduced Las Vegas visitor numbers, leading to the closure of 3 fashion stores.
3. **Rest of the World and Other**Revenue increased by 8% (constant currency) and 6% LFL, supported by new store openings in the prior year. The company closed 4 uneconomic stores at Düsseldorf Airport and plans to exit sub-scale markets as contracts expire.
4. **Outlook**WH Smith is on track to meet its full-year guidance despite geopolitical uncertainties in the Middle East affecting passenger numbers. The company remains focused on strategic priorities, cost control, and cash discipline. Interim results will be announced on April 23, 2026.
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