CHRISTMAS TRADING STATEMENT 2014

RNS Number : 1918Y

WH Smith PLC

22 January 2014

 



22 January 2014

WH SMITH PLC

TRADING STATEMENT

Good profit performance across the Group

WH Smith PLC is today providing an update on its trading performance for the 20 weeks to 18 January 2014. 

The Group delivered a good profit performance in the period with margin well managed and costs tightly controlled across both businesses. Total sales were down 4% with like-for-like (LFL) sales also down 4% for the 20 weeks.

In Travel, total sales were up 2% with LFL sales down 1%, reflecting a recent improvement in sales trends, particularly in air. We saw further improvement in gross margin and our store opening programme continues to progress well, with further opportunities for growth identified in both the UK and internationally. 

High Street performed in line with our expectations, with total sales down 7% and LFL sales down 6%, good gross margin improvement and costs tightly managed.

The Group remains highly cash generative with a strong balance sheet.  Further to our announcement on 10 October 2013 of our intention to return up to £50m of cash to shareholders via a share buyback programme, as of 21 January 2014, we have purchased 1.6 million shares at an average price of £9.57.

Commenting on today's announcement, Stephen Clarke, Group Chief Executive said:

"During the period we have delivered another good profit performance across the Group with costs tightly controlled and further improvement in gross margin. 

"Looking ahead, we continue to plan cautiously and manage the business tightly while investing in new opportunities for future growth.  We are confident in making further progress in the year."

Enquiries:

WH Smith PLC

Nicola Hillman                         Media Relations                                  020 7406 6350

Mark Boyle                              Investor Relations                               020 7406 6320

Brunswick                                                                             

Simon Sporborg / Laura Jack-Hayes                                                 020 7404 5959

 

Advance Notice of Interim Results

WH Smith PLC will announce its Interim Results 2014 on Thursday 10 April 2014. 

 

END

 

 

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