Interim Management Statement

RNS Number : 9002J

WH Smith PLC

07 July 2011

 



WH SMITH PLC

Interim Management Statement

7 July 2011

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 18 week period from 27 February 2011 to 2 July 2011.

CURRENT TRADING

Total Group sales in the first 18 weeks of the second half of the financial year were down 1% with like-for-like sales down 4% compared to the same period last year.

WHSmith Travel total sales were up 2% and like for like sales were down 2% in the period. We saw a further period of gross margin expansion and our new store opening programme continues to make good progress. We are pleased with the performance of our International channel, where we have won a further 7 units taking the total number of units to 47.

WHSmith High Street total sales were down 3% and like-for-like sales were down 4% in the period. Gross margins continue to grow 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 1 July 2011, we have purchased 9.4m shares and returned to shareholders £44.9m of the £50m share buyback announced in October 2010.

 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.

- ENDS -

Enquiries:

WH Smith PLC

Mark Boyle                             Investor Relations                              020 7851 8820

Nicola Hilman                        Media Relations                                020 7851 8850

Brunswick

Catriona McDermott                                                                         020 7404 5959

 

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