20th Jan 2016 07:55
LONDON (Alliance News) - WH Smith PLC on Wednesday reported growth in revenue in the 20 weeks to January 16 and said it now expects full-year profit to be ahead of plan following a successful Christmas trading period in the high street division.
The books and stationery retailer said total group revenue in the period grew 4% year-on-year as a 12% rise in travel revenue offset a 1% decline in high street revenue. On a like-for-like basis, group sales increased 2% with travel sales up 5% while high street sales remained flat.
Travel revenue continued to benefit from improvements in passenger numbers, the group said.
WH Smith did point out, however, that high street like-for-likes grew 2% over the Christmas period in the 5 weeks to January 2, and as a result, it now expects full-year profit growth to be slightly ahead of plan.
"Looking forward, profitable growth and cash generation will remain central to our plans allowing us to invest in new opportunities for the future," Chief Executive Stephen Clarke said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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