Interim Management Statement

RNS Number : 9118G

WH Smith PLC

13 June 2013

 



WH SMITH PLC

Interim Management Statement

13 June 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 14 week period from 3 March 2013 to 8 June 2013.

CURRENT TRADING

Total Group sales in the first 14 weeks of the second half of the financial year were down 5% with like-for-like sales down 6% compared to the same period last year.

WHSmith Travel total sales were flat and like-for-like sales were down 4% in the period, with gross margin up and tight cost control. Our new store opening programme, both in the UK and internationally, continues to progress well.

WHSmith High Street total sales were down 8% and like-for-like sales were down 7% in the period reflecting the strong publishing schedule last year. Gross margins continue to increase and cost savings have been delivered in line with plan.

FINANCIAL POSITION

We confirm that our financial position is in line with market expectations and our balance sheet remains strong. We continue to generate high levels of cash from our operations. As of 12 June 2013, we have purchased 5m shares and returned to shareholders £34m of the £50m share buyback announced in August 2012.

PROSPECTS

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.

- ENDS -

Enquiries:

WH Smith PLC

Mark Boyle                             Investor Relations                              020 7406 6320

Nicola Hillman                        Media Relations                                020 7406 6350

Brunswick

Catriona McDermott                                                                          020 7404 5959

 

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