22 January 2014
WH SMITH PLC
TRADING STATEMENT
Good profit performance across the Group
WH Smith PLC is today providing an update on its trading performance for the 20 weeks to 18 January 2014.
The Group delivered a good profit performance in the period with margin well managed and costs tightly controlled across both businesses. Total sales were down 4% with like-for-like (LFL) sales also down 4% for the 20 weeks.
In Travel, total sales were up 2% with LFL sales down 1%, reflecting a recent improvement in sales trends, particularly in air. We saw further improvement in gross margin and our store opening programme continues to progress well, with further opportunities for growth identified in both the UK and internationally.
High Street performed in line with our expectations, with total sales down 7% and LFL sales down 6%, good gross margin improvement and costs tightly managed.
The Group remains highly cash generative with a strong balance sheet. Further to our announcement on 10 October 2013 of our intention to return up to £50m of cash to shareholders via a share buyback programme, as of 21 January 2014, we have purchased 1.6 million shares at an average price of £9.57.
Commenting on today's announcement, Stephen Clarke, Group Chief Executive said:
"During the period we have delivered another good profit performance across the Group with costs tightly controlled and further improvement in gross margin.
"Looking ahead, we continue to plan cautiously and manage the business tightly while investing in new opportunities for future growth. We are confident in making further progress in the year."
Enquiries:
WH Smith PLC
Nicola Hillman Media Relations 020 7406 6350
Mark Boyle Investor Relations 020 7406 6320
Brunswick
Simon Sporborg / Laura Jack-Hayes 020 7404 5959
Advance Notice of Interim Results
WH Smith PLC will announce its Interim Results 2014 on Thursday 10 April 2014.
