UK-based retailer WH Smith Plc (SMWH.L), Wednesday, in a trading update, said its total sales for the 21 weeks ended January 21, declined 3 percent from last year. The company noted that profit for the period is in line with its expectations.
Total like-for-like sales for the period were down 5 percent.
WHSmith Travel posted a 2 percent increase in total sales, with a 3 percent decline in like-for-like sales. However, the company said it saw further improvement in gross margin.
"Our new store opening programme remains on track and we continue to identify further opportunities for growth both in the UK and internationally," the company stated.
In High Street business, total sales declined 5 percent, with a 6 percent drop in like-for-like sales. Excluding Entertainment, LFL sales were down 4 percent. Gross margin improved in the period in line with its plan, WH Smith stated.
Kate Swann, chief executive of the company said, "During the period we saw a resilient performance in challenging trading conditions. Gross margin was in line with plan and costs were tightly controlled."
"Looking ahead, we expect the trading environment to be challenging however we have planned accordingly and continue to be confident in making further progress in the year," Swann added.
The company said it will announce its interim results for 2012 on April 19.
SMWH.L is currently trading at 551.5 pence, up 19.5 pence or 3.67 percent, on a volume of 145 thousand shares on the LSE.
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