WH Smith upbeat despite sales fall
WH Smith, the high street bookseller and stationery chain, has reported that its group like-for-like sales fell by 3% in the first 15 weeks of the second half of its financial year. Total group sales dropped 1%.
Sales at WH Smith’s high street stores were down 3% overall with like-for-like sales falling by 4% in the period. The retailer said it continued to grow its gross margins and had made cost savings in line with its strategic plan. The group's travel division delivered a 1% increase in total sales but like-for-sales were down 3%.
In a statement the group said: "We confirm that our financial position is in line with market expectations and our balance sheet remains strong. We continue to generate high levels of cash from our operations.
"The economic environment remains uncertain and whilst we continue to be cautious about consumer spending, we remain confident in the outcome for the full year."
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