You are viewing your 1 free article this month. Login to read more articles.
Book sales dropped 4% at W H Smith, despite a strong performance from its Travel stores over its financial year ended 31st August 2009 and increased profits across the group.
Sales were up 8% at its airport and railway shops compared with a 5% drop at its high street stores. Both arms, however, reported profit rises "ahead of expectations" in what chief executive Kate Swann described as "challenging trading conditions". The group is also to return £35m to shareholders as part of buy-back programme.
Total group sales were £1,340m (2008: £1,352m) with like-for-like sales down 5%. Travel sales grew by 8% to £448m, down 2% on a like-for-like basis. High Street sales were down 5% at £892m and down 6% on a comparable basis.
The group generated profit before tax and exceptional items of £82m (2008: £76m), an increase of 8% on the prior year. Total group profit before tax was £81m (2008: £76m). WHS said its gross margin in books was up year-on-year. Travel operating profit rose 17% to £48m, while the High Street operating profit was up 4% to £49m.
Swann said: "We have delivered another strong performance, with group profit up 8% to £82m, despite challenging trading conditions. Operating performance was ahead of expectations in both our Travel and High Street divisions." She added: "Whilst trading conditions are challenging, we have planned accordingly and the Group is well-positioned to benefit when consumer spending recovers."
http://cde.cerosmedia.com/1J4ad60cda887a1012.cde" target="_blank">The Bookseller Daily Frankfurt Day Two.