The outgoing non-executive chairman of WH Smith and his replacement have both bought shares in the retailer and distributor prior to the end of its financial year on 31 August.
Robert Walker, who is retiring as non-executive chairman and from the board of the company on 31 August, bought 12,500 shares at 404.58p each and 20,000 shares at 404p each. The total cost is just over £131,000.
That takes his stake in WH Smith to 72,243 shares. Buying just before he steps down from the board indicates Robert Walker's confidence in the business. He has been chairman for more than five years.
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Walker Byron, who will take over as chairman on 1 September, has bought 20,000 shares at 406.35p each. The total cost was £81,270. That follows the purchase of 15,000 shares at 506.5p a share the day after the interim results were published. Walker Byron had no shares when he joined the board in February. He is the finance director jewellery retailer Signet.
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WH Smith revealed a 4% fall in like-for-like sales in the 14 weeks to 5 June 2010. Like-for-like sales were down by 4% in both the high street and travel divisions, with like-for-like sales at travel outlets down by 2% excluding the impact of the volcanic ash cloud.
Revenues were down at WH Smith in the half year to February 2010, but improved efficiency helped it post a rise in pre-tax profits. Revenues slipped to £716m from £731m over the same period the previous year, while pre-tax profits edged up to £62m from £61m.
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