The Bookseller.com

2nd December 2008

Smiths foresees 'tough summer'

09.06.08 Graeme Neill

W H Smith has said that it expects a “tough summer”, after its high street business reported a like-for-like sales drop of 3% for the last quarter.

In the 13 weeks to 31st May, the like-for-like sales of Smiths' combined high street and travel business were down 2% compared to the same period last year. Travel outperformed the high street with like-for-like sales up by 1%, or up by 3% excluding tobacco. Total group sales in the first 13 weeks of the second half of the financial year were 6% up, reflecting the impact of recent acquisitions.

Rachel Russell, business unit director for books, said that the retailer had a “very strong April and May fell off slightly in line with the market”.

“June is looking very promising for fiction driven by new releases,” she said. “We are expecting a tough summer based on last year comparisons but summer sales are very weather dependent so it’s all to play for.”

In a statement following the interims on Thursday, a W H Smith spokesperson said: “The economic environment remains uncertain and, whilst we continue to be cautious about consumer spending, we are confident in the outcome for the full year.” 

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