21st May 2019 08:29
LONDON (Alliance News) - WH Smith PLC on Tuesday announced its chief executive's departure, as sales in the third quarter of the year improved significantly.
After 15 years with the stationery & books retailer, 6 of which as CEO, Stephen Clarke will step down from WH Smith's board at the end of October, as he plans to "take a break".
Carl Cowling, managing director of the company's High Street business, will take over the role of CEO from November 1, a promotion which WH Smith said was "part of its long-term succession planning".
Clarke said: "It really has been a great privilege to lead WH Smith for the last six years and I am extremely proud of what we have achieved during my time as chief executive."
He added: "I know that WH Smith will continue to thrive under his [Cowling's] leadership for years to come."
WH Smith reported a 15% sales increase, 1% on a like-for-like basis, across the business in the 11-week period from March 1 to May 18.
WH Smith's Travel division saw sales up 26%, or 3% on a like -for-like basis.
"This good performance reflects our ongoing focus on format development, customer service, space and category management as well as our continued investment in our UK and international businesses," the company said.
The retailer's High Street unit however continued to experience struggles with sales down 1% during the period both on a total and like-for-like basis.
Looking ahead Clarke said: "We have delivered a strong sales performance in the third quarter in both our Travel and High Street businesses. Whilst there is some uncertainty in the broader economic and political environment, we are well placed as we approach the key summer trading period in Travel.
"We continue to focus on profitable growth, cash generation and investing in the business to position us well for the future. We remain confident in the outcome for the full year."
Added CEO designate Cowling: "I am excited by the future prospects of the group. I am committed to continuing to deliver excellent shareholder returns and look forward to leading WH Smith to its next stage of growth, supported by the excellent teams across our Travel, International and High Street businesses."
WH Smith shares were trading 1.5% lower at 1,998.00 pence each early Tuesday morning.
Related Shares:
Wh Smith