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29th April 2021
WH Smith has set out plans to open 100 new stores in travel locations despite its operations suffering heavy losses during the pandemic.
The openings will take place during the next three years with over 60 in North America. The retailer has secured £325m in financing to fund its growth plan in the form of convertible bonds, as well as a £250m credit facility from its banks.
WH Smith generated more than half of sales and profits from its stores in airports, train stations, and motorway service areas before the pandemic struck. It expects trade to recover to 2019 levels within the next two to three years.
By Alec Mattinson2021-04-29T08:02:00+01:00
Top story
Unilever has started the year on the front foot, posting organic growth of 5.7% helped by the lapping strict lockdowns in key emerging markets.
The consumer giant’s underlying sales growth of 5.7% was driven by volume growth of 4.7% and 1% from price increases.
Emerging markets underpinned the growth, with sales up 9.4% driven by driven by strong double-digit growth in China and India following strict lockdowns in corresponding period in 2020.
Developed markets grew 0.8%, with mid-single digit growth in North America offset by a decline in Europe, where volumes were impacted by lock-downs and we began to lap higher demand for food and hygiene products.
WH Smith has said it plans to open 100 new travel stores after securing £325 million in financing to fund its growth plans.
The high street stalwart also said it has also identified around 300 potential sites for stores in hospitals across the UK.
It told investors on Wednesday afternoon that it has secured £325 million in convertible bonds, as well as a £250 million credit facility from its banks, which will mature in 2025.
WH Smith said that around £50 million from the new bond funding will be used to deliver its pipeline of travel stores over the next three years, as well as other expansion targets.
good growth opportunities; c.100 stores won and yet to open · Encouraging performance despite continued impact from Covid-19 with improving trends · Good results across all key markets from our focused plan on customer conversion, increasing average transaction value (ATV), category development and cost management · Free cash outflow of £13m in the half · Extensive opportunities for further growth; c.100 new stores won and planned to open in Travel over the next three years with over 60 in North America · Encouraging recovery in North America · Profitable performance from High Street · Strong online performance, including a record performance from funkypigeon.com · Finished March ahead of plan with cash on deposit of £50m and undrawn facilities of £200m