WH Smith reports falling like-for-like sales
Book and stationery retailer WH Smith has reported a drop in like-for-like sales at both its high street stores and travel division.
In the ten weeks to 9 November 2013, total sales were down 3% with like-for-like sales down 4% compared to the same period last year.
Both total and like-for-like sales fell by 6% at WH Smith’s high street shops although the group said it had made further progress on gross margin and had continued to manage costs tightly.
Within the group’s travel division, which includes stores at airports and railway stations, like-for-like sales dropped by 2% although total sales increased by 2%. WH Smith said its gross margin had increased in line with plan while its store opening programme is continuing to make good progress both in the UK and overseas.
Never Miss a Retail Update!On 10 October 2013, WH Smith announced its intention to return up to £50 million of cash to shareholders via a rolling share buyback programme. As at 13 November 2013, the group had purchased 0.65 million shares and returned £6 million to shareholders.
In a statement WH Smith said: “Whilst the current climate continues to be uncertain, we remain a resilient business and are well positioned for continued profitable growth both in the UK and internationally.”
