Trading Statement

Smith WH PLC
31 January 2001


January 31st 2001

WH SMITH PLC

TRADING STATEMENT

Key Points

* Strong Retailing sales performance
* Excellent Publishing performance - in line with expectations
* Disappointing sales growth for News Distribution

Retailing

Like for like (LFL) retail sales for the 20 weeks to 20 January 2001 were up
by 6%. LFL retail sales during the 6 week Christmas period ending 6 January
2001 were up by 9%.  The LFL retail sales performance by business for the
respective periods is as follows:

                          6 Week LFL                 20 Week LFL
UK High Street            + 9%                       + 6%
UK Travel                 + 8%                       + 8%
WHSmith Online            + 50%*                     + 60%
USA Retailing             + 5%                       + 2%
Asia Retailing            + 24%                      + 24%
Overall                   + 9%                       + 6%

*   In the 7 week period to 17 December WHSmith Online sales were up by 75%.

In the UK, LFL sales for core categories in the 20 week period were as follows
*books up 4%, stationery up 4% and magazines up 1%.  For the six week period,
LFL sales for the core categories were - books up 7%, stationery up 6% and
magazines up 1%.  In the 20 week period, while entertainment sales grew by 11%
this was compared with a weak performance in the prior year.  As entertainment
margins are below the UK Retailing average, gross margin for the 20 weeks
shows a reduction due to mix of 0.5% points.

Publishing

LFL sales for Hodder Headline for the 20 weeks to 20 January 2001 were up by
16%.  Strong selling titles during the period included autobiographies by
David Beckham and Barbara Windsor and novels by James Patterson and John le
Carre.

News Distribution

In the 20 weeks to 20 January 2001, LFL sales for WH Smith News were up by 1%.
Sales in core categories have been weak, with sales of magazines down by 1%
and newspaper sales flat.  Sales growth has therefore been achieved through
sales of phonecards with the effect that the overall margin for the division
is below last year. Trading is likely to remain difficult given the soft
magazine market.

Chief Executive's Comments

Commenting on the performance for the year to date, Richard Handover , Chief
Executive, said:

'For the Group as a whole, trading has been good.  However the strong
performances by UK Retailing and Publishing have been offset by a weak sales
performance from News Distribution.'

'In UK Retailing, trading over the Christmas period was strong.'

'I am also very pleased with the good UK retail sales performance for the year
to date which has been achieved against a difficult trading background.'

'The change in sales mix this year, with an increased proportion of sales
coming from entertainment, reflects a partial reversal of the substantial
swing the other way last year. It also reflects stronger new product releases
in entertainment markets this year.'

'In the second half of the year we expect mix to be more favourable but
overall sales growth will be moderated when set against the stronger
comparative figures for last year.'

'The Hodder Headline continues to progress well and the 16% like for like
sales growth is particularly pleasing as it comes against the background of
strong comparatives in the first half of last year.'

'New Distribution sales have been disappointing, particularly in magazines,
and are below our expectations.'

Share Purchases

As announced in October we have recommenced our share buy-back programme. To
date 2.3 million shares have been repurchased at a cost of £10 million. In
addition, a further 3.0 million shares, at a cost of £13 million, have been
purchased for our ESOP.

WH Smith will hold its AGM today (11.30am at The Brewery, Chiswell Street).
It is intended to announce the interim results for the six months to 28
February on 12 April 2001.


Enquiries:                             
WH Smith PLC                           020 7514  9624
Richard Handover Chief Executive
John Warren Finance Director
Richard Manhire Investor Relations
Philippa Power Corporate Affairs
Brunswick                              020 7404 5959
Jonathan Glass
Katya Wright