25 January 2012
WH SMITH PLC TRADING STATEMENT Resilient performance across the Group with profit growth in line with expectations
WH Smith PLC is today providing an update on its trading
performance for the 21 weeks to 21
January 2012.
The Group delivered a resilient performance with profit in
line with expectations. Group total sales were down 3% with
like-for-like (LFL) sales down 5% for the 21 weeks.
In Travel, total sales were up 2% with LFL sales down 3% for
the 21 weeks and we saw further improvement in gross margin,
in line with plan. Our new store opening programme remains on
track and we continue to identify further opportunities for
growth both in the UK and internationally.
In High Street, total sales were down 5% with LFL sales down
6% for the 21 weeks. Excluding Entertainment, LFL sales were
down 4%. Gross margin improved in the period in line with
plan and costs were tightly managed, reflecting the trading
conditions.
The Group continues to be highly cash generative with a
strong balance sheet. Further to our announcement on 31
August 2011 of our intention to return up to £50m of cash to
shareholders via an on market rolling share buyback
programme, as of 24 January 2012, we have purchased
2.7 million shares to date at an average price of £5.15.
Commenting on today's announcement, Kate Swann, Group Chief
Executive said:
"During the period we saw a resilient performance in
challenging trading conditions. Gross margin was in line with
plan and costs were tightly controlled.
"Over the past six years both businesses have consistently
increased profits and the Group is now well balanced between
Travel and High Street. As a result of this, the months
of
November and December now represent less than half of annual
Group profit compared to over
90% of Group profit six years ago.
"Looking ahead, we expect the trading environment to be
challenging however we have planned accordingly and continue
to be confident in making further progress in the year."
- ENDS -
WH Smith PLC
Nicola Hillman Media Relations 020 7851 8850
Mark Boyle Investor Relations 020 7851 8820
Simon Sporborg / Catriona McDermott 020 7404 5959
Advance Notice of Interim ResultsWH Smith PLC will announce its Interim Results 2012 on Thursday 19 April 2012.
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