WH Smith Reduces Monthly Cash Consumption Estimate As Online Sales Rise

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The company, which sells everything from books and sandwiches to Bluetooth headphones, now estimates £ 12million (£ 16.60million) to £ 17million in monthly spending between January and March.

He had previously estimated a range of £ 15million to £ 20million.

Founded over 200 years ago as a London information seller, the company has been hit hard by the coronavirus pandemic, which has forced it to announce up to 1,500 job cuts last year .

The company said department store 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, recorded sales. record for Valentine’s Day.

Revenue from its travel business, which includes shops and kiosks at airports and train stations, was 35% of 2019 levels for January and 33% of 2019 levels in February.

The company also said it has extended the maturity of its two existing £ 200million term loans until October 2023 and accepted new minimum liquidity covenant tests.

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.

Shares of the company rose 2.3% to 1,939.9 pence at the start of trading.

($ 1 = 0.7231 pounds)

(Reporting by Tanishaa Nadkar in Bangalore; Editing by Anil D’Silva)


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