WH Smith cuts pre-tax profit outlook and launches equity raise amid store closures as airport footfall dips.
WH Smith has again cut its full-year pre-tax profit guidance, citing lower passenger numbers at travel hubs due to the Middle East conflict. The retailer is launching a new equity issue to bolster its balance sheet and fund its transformation, while reporting mixed performance across divisions and confirming plans to close or renegotiate underperforming stores.
Multiple retailers are pursuing aggressive restructurings as closures and rent cuts are demanded to stabilise finances. TG Jones, formerly WH Smith, could shutter up to 150 stores; Poundstretcher is considering administration without a plan; Carter’s is closing 150 locations as profits slip. These moves reflect a tougher high-street environment.