A company logo is pictured outside a branch of WH Smith in Manchester, northern England on March 17, 2016. REUTERS / Phil Noble

March 9 (Reuters) – Retailer WH Smith (SMWH.L) said on Tuesday that an increase in online sales during the last UK foreclosure had boosted its overall performance and helped it lower its monthly cash consumption projection.

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 Main Street revenues were at 74% of its 2019 levels for January and 84% of 2019 levels for February and that its online greeting card business, funkypigeon.com, recorded significant losses. record sales 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 had extended the maturity of its two existing £ 200million term loans until October 2023 and agreed to new minimum liquidity covenant tests.

WH Smith said the changes allowed him to cancel his existing £ 120million liquidity loan, which had not been drawn down 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)

Report by Tanishaa Nadkar in Bengaluru; Editing by Anil D’Silva

Our standards: Thomson Reuters Trust Principles.


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