WH Smith Plc (SMWH.L) said that total group sales in the first 15 weeks of the second half of the financial year were down 1% compared to the same period last year. Like-for-like sales dropped 3%.
WHSmith Travel total sales were up 1% and like for like sales were down 3% in the period, with gross margin up and tight cost control. The company noted that its new store opening programme continues to progress well. WHSmith High Street total sales were down 3% and like-for-like sales were down 4% in the period. Gross margins continue to grow and cost savings have been delivered in line with plan.
The company confirmed that its financial position is in line with market expectations and its balance sheet remains strong.
Moving ahead, the economic environment remains uncertain and whilst the company continues to be cautious about consumer spending, it remains confident in the outcome for the full year.
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by RTT Staff Writer
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