WH Smith secures £100m amid profit warning from Middle East conflict
Retailer plans to shut unprofitable stores as falling US airport traffic due to Middle East conflict hits trading Business live – latest updates WH Smith has issued a profit warning after shopper numbers at its stores in US airports fell as a result of the war in the Middle East, prompting the company to raise fresh capital from investors. The retailer, which operates 1,200 outlets globally in airports, railway stations and hospitals, raised £102m through a share sale on Wedn
WH Smith has announced a profit warning, citing a decline in customer traffic at its U.S. airport locations. This downturn is attributed to the ongoing conflict in the Middle East. In response, the company successfully raised £102 million from investors through a share offering. The funds will be used to bolster its financial standing, reduce debt, invest in technological advancements, and facilitate the closure of underperforming stores.
The retailer's financial performance is being impacted by geopolitical events, highlighting the vulnerability of businesses reliant on international travel.
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