Trading Statement

29 January 2003
WH SMITH PLC
TRADING STATEMENT

UK RETAIL

Like for like (LFL) retail sales for the 20 weeks to 18 January 2003 were down by 3% with gross margin up 2 percentage
points.   LFL retail sales during the 5 week Christmas period ending 11 January 2003 were down by 2%. 

Over the Christmas period our focus was on improving margins and driving operational efficiencies.  A deliberate
decision was taken not to chase unprofitable sales.  The sales performance reflects this tactical positioning.

As a result of this focus, the gross margin increased by 2 percentage points, the supply chain experienced no
operational issues, stock was carefully managed and operating costs were tightly controlled.

The sales performance for the respective periods is analysed as follows:

                                            5 Week LFL       20 Week LFL   

WHSmith High Street                         -3%              -4%           
UK Travel Retail                            4%               3%            
WHSmith Online                              43%              33%           

UK Retail                                   -2%              -3%           

LFL sales for key product categories in the 20 week trading period were as follows:
books -3%, stationery flat (with gross margin up over 4 points), entertainment -6% and news and express flat. 

INTERNATIONAL RETAIL

The LFL sales performance by business for the respective periods is as follows:

                                            5 Week LFL       20 Week LFL   

USA Travel Retail                           3%               7%            
ASPAC Retail                                2%               0%            

Total                                       2%               4%            

Trading in the US continues to be difficult with the ongoing weakness in the US economy suppressing recovery.

The ASPAC Retail business has traded satisfactorily although there has been a softening in consumer confidence in
recent months.

PUBLISHING

A strong performance from Hodder Headline saw comparable sales up 12% for the 20 weeks to 18 January 2003.  Top selling
authors included Martina Cole, Kate Adie and James Patterson.

NEWS DISTRIBUTION

In the 20 weeks to 18 January 2003, like for like sales for WHSmith News were up 1%.  Comparable newspaper and magazine
sales were up by 1% and 5% respectively.  This growth was partly offset by a fall in sales of phonecards.

GROUP CHIEF EXECUTIVE'S COMMENTS

Commenting on the performance, Richard Handover, Group Chief Executive said:

'In UK Retail, our strong gross margin performance and operational efficiencies have partially offset the effect on
profits of disappointing sales.

'We continued our focus on improving margins and efficiencies and did not chase unprofitable sales.  This stance,
coupled with heavily discounted offers from a number of key competitors in our markets, led to the overall like for
like sales declines against strong comparatives.

'Looking ahead, we believe that we have now established a strong operational platform to enable a rollout of innovative
and exciting products with a strengthened value proposition which will allow the business to regain sales momentum.

'In terms of the overall Group performance, we are very pleased with the contributions from Publishing and News
Distribution where there has been good progress.

'We are managing the business in anticipation of a continuing difficult and uncertain environment, but our balance
sheet and cashflow are robust.'

WHSmith will hold its AGM today at 11:30am at The Lincoln Centre, 18 Lincoln's Inn Fields.  It is intended to announce
the interim results for the 6 months to 28 February on 17 April 2003.

                                                        -Ends-                                                         

Enquiries:

WH Smith PLC                                         020 7514 9600            
Richard Handover          Group Chief Executive                               
John Warren               Group Finance Director                              
Mark Boyle                Investor Relations         020 7514 9630            
Louise Evans              Media Relations            020 7514 9624            

Brunswick                                            020 7404 5959            
Louise Charlton                                                               
Katya Reynier