WH Smith Reduces Cash Consumption Estimate As Online Sales Rise
Retailer WH Smith said today that an increase in online sales during the last UK foreclosure boosted its overall performance and helped it reduce its monthly cash consumption projection.
The company, which sells everything from books and sandwiches to Bluetooth headphones, now estimates between January 12 and March 12 at £ 17million in monthly cash flow.
He had previously estimated a range of £ 15-20million.
Founded over 200 years ago as a news seller in London, the company has been hit hard by the coronavirus pandemic, which forced it to announce up to 1,500 job cuts last year.
The company said high street revenue was 74% of its 2019 levels for January and 84% of 2019 levels for February and that its online greeting card business, funkypigeon.com, had recorded sales. record for Valentine’s Day.
Revenue from its travel business, which includes its airport and station stores and kiosks, was 35% of 2019 levels in January and 33% of 2019 levels in February.
The company also said it had extended the maturity of its two existing £ 200million term loans until October 2023 and agreed to further tests of minimum liquidity clauses.
WH Smith said the changes allowed him to cancel his existing £ 120million liquidity loan, which had not been used and was due to expire in November 2021.