WH Smith, the High Street and travel hub newsagent chain, saw like-for-like sales dip at the start of the second half of its financial year.
Total group sales in the 15 week period from February 26th to June 9th were down 1% on a year earlier, with like-for-like (LFL) sales off 3%.
The firm's Travel division saw sales rise 1% overall but dip 3% on a LFL basis. The division's gross margin improved, with management keeping a tight rein on costs.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
WH Smith's High Street shops saw sales ease 3% overall and fall 4% on a LFL basis. Gross margins in this division continue to grow and cost savings have been delivered in line with management projections.
"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," the company said.
JH
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
