WH Smith (LON: SMWH) has listed its pre-tax losses on £280 million and has eliminated its dividends.
Retailers recorded a 33% decline in annual revenue to £1 billion to the end of August.
WH Smith said Thursday that the group plans to close 25 more stores after losing £180 million last year.
The group has been particularly affected by travel sites closures and slower passenger numbers at airports and train stations.
Travel website revenue fell 39% to £344 million. The first lockdown in April saw revenues drop by 90% on travel sites.
Carl Cowling CEO said: “Since March, we have been heavily affected by the pandemic.
“While passenger numbers continue to be heavily affected in the UK, North American businesses, where 85% of passengers are domestic, are beginning to see some indications of encouragement for a recovery.
“All companies that focus on our cost management and initiatives have a robust plan focused on cost management and initiatives that often help us become stronger as our markets recover.”
Retailers are seeing signs of recovery in North America thanks to new businesses.
WH Smith Shares (LON: SMWH) trades +2.14% at 1.481,00 (0855GMT).
