|Bid||2,278.00 x 0|
|Ask||2,282.00 x 0|
|Day's Range||2,196.00 - 2,294.00|
|52 Week Range||1,678.00 - 2,308.00|
|Beta (3Y Monthly)||0.92|
|PE Ratio (TTM)||27.21|
|Earnings Date||Oct 17, 2019|
|Forward Dividend & Yield||0.34 (1.77%)|
|1y Target Est||2,135.00|
FT subscribers can click here to receive Opening quote by email. No one can blame WH Smith for wanting to leave the UK high street behind it. With CVAs (deals with landlords to cut rents) ten-a-penny among British retailers these days, WH Smith has long looked beyond the country’s town centres and shopping malls.
British retailer WH Smith Plc said on Thursday it will buy Marshall Retail Group for about $400 million, betting that the American peer's network of stores at U.S. airports will help boost profits soured by turmoil on the British high street. Business at WH Smith's stores at airports and railway stations has been booming as the over 200-year-old company benefits from rising passenger footfall and new larger-format outlets. WH Smith said it would fund the all-cash deal for Marshall through a combination of 200 million pounds ($255.42 million) in new debt and a 155 million pound equity raise.
UK retailer WH Smith plans to double its international travel business and strengthen its presence in the $3bn US airport market with a deal to buy Marshall Retail Group. The UK retailer, a stalwart on the UK high street that is known for its stationery and books offering, said on Thursday it has agreed to buy the Las Vegas-based company for $400m as it seeks to accelerate the growth in its travel operations and sidestep the worst of the UK slowdown in city and town centres.
The more than 200-year-old specialty retailer, which operates over 1,400 stores across the globe, also said that its international business had grown "strongly", with 428 stores open outside the UK. Helped by a boom in air travel, WH Smith's huge network of airport, train station and workplace kiosks have fared better than its high street business, where it is looking to cut costs and grow margins.
British PM Theresa May set out a "new deal" on Tuesday for Britain's departure from the European Union that included the possibility of a second EU referendum as she prepared to put the withdrawal bill before parliament for the fourth time. British retailer WH Smith said on Tuesday its chief executive officer Stephen Clarke will step down in October after six years at the helm, and will be replaced by current managing director of the company's high street business Carl Cowling.
The company said the current managing director of the company's high street business, Carl Cowling, would replace Clarke as part of a long-term succession plan. WH Smith shares have nearly tripled in value in the six years that Clarke has been at the helm as he sharpened focus in a network of airport, train station and workplace kiosks which have fared better than a crumbling British high street. WH Smith has been investing in growing its footprint of stores and also stepped up its efforts to expand internationally.
Improvement in profitability and outperformance against the industry can be important characteristics in a stock for some investors. Below, I will assess WH Smith PLC's (LON:SMWH) track record on a Read More...
The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines UK's WH Smith was mystery would-be buyer of Barnes & Noble ...