NEWS

WHSmith’s sales continue to slide

Published on: 18th November 2014

WH Smith’s sales have continued to deteriorate in the first 10 weeks of its financial year, with WHSmith-Logo300the performance of its high street stores division cited as a key factor.

Total group like-for-likes fell 1% in the period to 8 November. They dipped 3% in the previous financial year from £1.19bn to £1.16bn.

Total high street sales fell 5% and like-for-likes dipped 4%, dragging down group sales.

The company said gross margin had increased in line with its plan, and cost-saving initiatives were on track.

WH Smith has bought 600,000 shares and returned £6.1m to shareholders as part of previously announced intention to return up to £50m of cash to shareholders via a rolling share buyback programme. “We remain focused on profitable growth, cash generation and investment in new opportunities” the trading update said.

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