The point about WH Smith is that it keeps on doing what it does and has for some years, with nary a blip or profit upset. That strategy means wringing as much as it can from its mature high street network, obtaining growth mainly from opening shops in new airports overseas and using the strong cash generation to buy back shares.
The trading update over autumn and Christmas said that like-for-like sales at the travel side were up 5 per cent, with an additional contribution from the lower pound. That 5 per cent growth was a continuation of trends over the past year; WH Smith has been changing the mix of goods sold in its travel stores towards food, drink and confectionery to combat falling