WH Smith expects FY results to be at top end of market expectations
WH Smith, the books and stationery retailer, has announced that it expects its results for the year ending 31 August to be at the top end of market expectations.
In a pre-close trading statement, the group said its travel division performed well in the year and that its UK store opening programme remained on track. In addition, the division made good progress in winning new business in its international channel and had continued to manage costs tightly and deliver strong gross margin gains.
The group’s High Street business saw an improvement in sales of books and had continued to focus on gross margin and tight cost control.
WH Smith will announce preliminary results for the year on 11 October.
In a separate announcement, the group said its board had decided to introduce a share repurchase program of up to £50 million for the financial year to 31 August 2013. The board will commence a non-discretionary program on 1 September which is scheduled to end on 10 October.
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