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Total High Street sales for WH Smith were down 5% in the first 10 weeks of the company’s financial year.
The chain bookseller and stationer saw like-for-like sales drop by 4% in its high street arm, while total sales decreased by 5%. However, its said costs saving initiatives were “on track”. In its annual financial results released last month, the retailer revealed it planned to make £11m of cost savings from its high street arm this financial year.
WH Smith’s Travel arm performed better than the High Street business, with total sales up 7% and like-for-like sales up 2% in the 10 weeks to 8th November 2014.
In its interim statement, the company said: “Gross margin has increased in line with our plan and we continue to make good progress with our store opening plan both in the UK and internationally.”
Altogether total group sales in the first 10 weeks of the financial year were flat with like-for-like sales down 1%.
The company said: “The new financial year has started well however the peak trading periods for both businesses are ahead of us. We remain focused on profitable growth, cash generation and investment in new opportunities.”
Its annual financial results released last month revealed a “record year” for profit with pre-tax profits up 9% year-on-year to £112m. However, book sales were down by 8%.