8th Jun 2016 06:15
LONDON (Alliance News) - WH Smith PLC on Wednesday said sales have increased in the third quarter of its financial year so far, with a familiar pattern of strong trading in its travel business but a decline for its high street branches.
The books, magazines and stationary retailer said group sales grew 2.0% year-on-year in the 14 weeks to June 4, with like-for-like sales flat. The group's financial year runs to the end of August.
The travel business, which comprises stores in train stations and airports, saw sales grow 9.0% year-on-year, while like-for-like sales rose 3.0%. WH Smith said the sales growth was driven by investments made in the business and improving passenger numbers.
In the high street arm, total sales were down 4.0% and like-for-like sales down 3.0%, in line with expectations as the group focuses on profitability. Gross margin improvements and cost savings were delivered in line with WH Smith's plans, it said.
The group said it remains confident on its full-year outcome and will continue to focus on profitable growth and investing in the business to position it well going forward.
By Sam Unsted; [email protected]; @SamUAtAlliance
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