A stalwart of the high street, WH Smith has warned of its worst month since at least September 2020, despite having strong sales throughout the festive period.

According to Business Live, the retailer has revealed that sales in January so far have been down by 46 per cent, compared to the same period in 2020. This is in stark contrast to December, when WH Smith reported sales were 67 per cent above December 2019, and even higher in its high street branches.

Chief executive Carl Cowling said: “In our high street business, we worked hard to navigate our way through the evolving Covid restrictions as we approached the Christmas trading period. This positioned us well, resulting in a better than expected Christmas with sales in December at 92 per cent of 2019 levels.”

The national lockdown has proven to be a tricky time for many retailers, as non-essential shops remain closed.

WH Smith’s travel and high street stores both felt the impact of the pandemic throughout the month, but its travel business has felt the pinch more, with sales only at 30 per cent of last year’s levels, and low sales during December too.

However, the retailer has said it has not experienced any disruptions due to Brexit and does not expect it to affect its imported stock during 2021.

John Moore, senior investment manager at Brewin Dolphin, said that the business has adapted well to the pandemic and is trading ahead of where many would expect it to be, with reasonable amounts of cash to see it through.

“The faster recovery of its US business also underlines the importance of its 2018 acquisition of InMotion and, with that, geographical diversification. The key question for WH Smith is when and to what degree travel will return in the future, which remains the biggest risk the business faces,” he said.

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