13th Jun 2013 07:00
WH SMITH PLC
Interim Management Statement
13 June 2013
WH Smith PLC is today publishing its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency rules, relating to the 14 week period from 3 March 2013 to 8 June 2013.
CURRENT TRADING
Total Group sales in the first 14 weeks of the second half of the financial year were down 5% with like-for-like sales down 6% compared to the same period last year.
WHSmith Travel total sales were flat and like-for-like sales were down 4% in the period, with gross margin up and tight cost control. Our new store opening programme, both in the UK and internationally, continues to progress well.
WHSmith High Street total sales were down 8% and like-for-like sales were down 7% in the period reflecting the strong publishing schedule last year. Gross margins continue to increase and cost savings have been delivered in line with plan.
FINANCIAL POSITION
We confirm that our financial position is in line with market expectations and our balance sheet remains strong. We continue to generate high levels of cash from our operations. As of 12 June 2013, we have purchased 5m shares and returned to shareholders £34m of the £50m share buyback announced in August 2012.
PROSPECTS
The economic environment remains uncertain and whilst we continue to be cautious about consumer spending, we remain confident in the outcome for the full year.
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Enquiries:
WH Smith PLC
Mark Boyle Investor Relations 020 7406 6320
Nicola Hillman Media Relations 020 7406 6350
Brunswick
Catriona McDermott 020 7404 5959
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