Retailer plans to shut unprofitable stores as falling US airport traffic due to Middle East conflict hits trading

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WH Smith has issued a profit warning after shopper numbers at its stores in US airports fell as a result of the war in the Middle East, prompting the company to raise fresh capital from investors.

The retailer, which operates 1,200 outlets globally in airports, railway stations and hospitals, raised £102m through a share sale on Wednesday to strengthen its balance sheet, pay down debt, invest in technology and shut down unprofitable stores following “a downturn in trading conditions”.