WH Smith has posted an 85% slump in group sales in April, slightly better than its earlier forecast as a 400% jump in online book sales helped offset some of the damage of Covid-19 led closures of its kiosks and stores.
The company said it was planning on a phased store re-opening schedule across its international territories, UK travel channels and high street business.
WH Smith has tapped the UK government's coronavirus aid scheme, suspended dividend, laid off employees, raised equity, secured £120m in new lending facilities and waivers for banking covenant tests to survive through the crisis that has shut most of its stores.
The company said 203 of its stores with post offices and 130 stores in hospitals are currently open.
"There was very little impact of Covid-19 on our first-half results, however, inevitably the performance in the second half will be very different," chief executive Officer Carl Cowling said.
"With £400m of available liquidity and a monthly cash burn of £25-£30m before furlough savings, we believe WH Smith has the capacity to withstand an extended period of close to zero income, well into 2021," JP Morgan analysts said.
The company said its headline pretax profit fell 1% to £80m for the six months ended February 29, in line with the company's forecast.
