WH Smith buys US airport retailer InMotion for $198m
WH Smith
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10:34 19/04/24
WH Smith said it was buying US airport retailer InMotion for $198m (£155m).
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The deal doubles WH Smith's international travel business and would be EPS accretive in the first year after completion, the company said.
In a trading update, WH Smith added that eight weeks into the current financial year travel total revenue was up 10% with like-for-like revenue 4% higher.
High Street total revenue was down 1% and like-for-like revenue 2% lower. Total revenue for the group was up 5% with like-for-like sales increasing by 1%.
InMotion is the largest airport-based digital accessories retailer in North America with 114 stores across 43 airports. It sells items such as headphones, travel accessories, mobile power, portable speakers and action cameras.
In the calendar year to date, InMotion has delivered like-for-like sales growth of 13%, following like-for-like growth of 12% in calendar year 2017.
For the financial year ending 31 December 2018, InMotion is expected to deliver sales of approximately $166m and underlying earnings of around $23m.
WH Smith said its travel business now generates two thirds of group operating profit.