WH Smith has revealed a drop in High Street sales amid talks of selling 500 of its UK shops. Its High Street sales fell 6% in the 21 weeks to January 25, covering the key Christmas period, down 3% on the previous year.

Group revenues rose 3% during the 21 weeks to 25 January, as sales growth in Travel continued to offset problems on the High Street.

British retailer WH Smith Plc’s potential sale of its high street business risks triggering an event of default on its debt, according to the convertible bond desk at Jefferies.

The potential sale of the retailer's High Street stores prompted questions over the fate of the post offices housed within them.

The news comes just days after the company confirmed discussions about potentially selling off its high street stores to concentrate on its larger travel operation.

WHSmith has been slashing costs in the high street stores to improve profitability as it grapples with the shift to online shopping, which has affected the number of customers visiting stores. The high street arm’s underlying annual profits after the Covid-19 pandemic fell from about £60mn to £32mn in the year to August 2024.

Find out which brands are shutting doors for good next month as some of the country's biggest names announce a wave of store closures