Struggling WH Smith today announced plans to restructure its business by closing stores and shoring up its operations amid lingering economic uncertainties.
The group’s pre-tax profit dipped 4 per cent to £134m in the year ended August. High-street trading profit fell 3 percent to £60m and like-for-like revenues also fell 3 per cent.
“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,” chief executive Stephen Clarke said.
WH Smith, which operates 839 travel outlets and 607 high street stores in the UK, said it would wind down non-core trial initiatives including Cardmarket and WHSmith Local, restructure some operational activities and close around six high street stores.