WH Smith reports flat group sales
Book and stationery retailer WH Smith has reported that its total group sales in the first 10 weeks of its financial year were flat with like-for-like sales down 1%.
Total sales at WH Smith’s travel business rose by 7% with like-for-like sales edging up 2%. The company said gross margin had increased in line with plan and that the business was continuing to make good progress with its UK and international store opening programme.
WH Smith’s high street stores fared less well with total sales falling by 5% and like-for-like sales declining by 4% in the period. Again gross margin increased in line with plan and cost saving initiatives remained on track.
Looking ahead, the company said:”The new financial year has started well however the peak trading periods for both businesses are ahead of us. We remain focused on profitable growth, cash generation and investment in new opportunities.”
