Last checked at 14 Nov 2013 07:00
WH Smith PLC
Interim Management Statement
14 November 2013
WH Smith PLC is today publishing its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency rules, relating to the 10 week period from 1 September 2013 to 9 November 2013.
CURRENT TRADING
Total Group sales in the first 10 weeks of the financial year were down 3% with like-for- like sales down 4% compared to the same period last year.
WHSmith Travel total sales were up 2% and like-for-like sales were down 2%. Gross margin has increased in line with our plan and our store opening plan continues to make good progress both in the UK and internationally.
WHSmith High Street total and like-for-like sales were both down 6% in the period. We have made further progress on gross margin and costs continue to be managed tightly.
FINANCIAL POSITION
On 10 October 2013 we announced our intention to return up to £50m of cash to shareholders via a rolling share buyback programme. As at 13 November 2013, we have purchased 0.65 million shares and returned £6m to shareholders.
The Group's financial position is in line with market expectations.
PROSPECTS
Whilst the current climate continues to be uncertain, we remain a resilient business and are well positioned for continued profitable growth both in the UK and internationally.
Enquiries:
WH SMITH PLC
Mark Boyle Investor Relations 020 7406 6320
Nicola Hillman Media Relations 020 7406 6350
Brunswick
Simon Sporborg / Catriona McDermott 020 7404 5959