14th Nov 2013 09:16
LONDON (Alliance News) - Retailer WH Smith PLC Thursday reported a fall in sales in the first 10 weeks of its new financial year, despite previously reporting new business wins.
The stationer and bookseller said its business is well positioned for continued profitable growth in the UK and internationally.
WH Smith said sales from its high-street stores continued to decline, down 6% in the period and on a like-for-like basis.
It said it has made further progress on its high-street gross margin, and it continues to manage costs tightly.
WH Smith said total sales from its travel division, which is situated in airports and stations, were up 2% in the period, but were down 2% on a like-for-like basis.
It said that its travel gross margin has increased in line with expectations, and that its store opening plan continues to make good progress both in the UK and internationally.
The group said that its financial position is in line with market expectations.
The retailer didn't provide any actual revenue figures in its update Thursday, just percentage changes.
WH Smith shares were up 1.4% Thursday morning at 994.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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