Trading Statement

Smith WH PLC
19 January 2005



                                                                 19 January 2005


                                  WH SMITH PLC
                        POST CHRISTMAS TRADING STATEMENT

            Profits year to date substantially improved year on year

WH Smith PLC is today providing an update on its Christmas trading performance
for the 6 weeks to 15 January 2005 and for the 20 weeks to 15 January 2005.

The Group's profitability for the year to date has improved substantially
compared to the prior year. This result has been driven by a material
improvement in profitability in High Street Retail as a result of a significant
increase in gross margin and tight cost control, together with strong
performances from Travel Retail and News Distribution.

Total Retail like for like (LFL) sales were down 1% for the 6 weeks and down 2%
for the 20 weeks. This sales performance reflects our planned focus on margin
improvement, in particular not chasing unprofitable sales, and the difficult
trading environment.

Retail

LFL sales in High Street Retail were down 2% for the 6 weeks and down 3% for the
20 weeks. However, gross margin improvement in excess of 200 basis points has
been greater than anticipated and cost savings have been delivered faster than
planned. Consequently, High Street Retail profitability is substantially ahead
of the prior year.

Gross margin improvements in the High Street business were driven by a number of
factors. These include the planned reduction in unprofitable promotions and
focus on profitable sales, an encouraging performance from new stationery
initiatives (which have positively influenced the business's mix) and improved
buying terms. In addition, product availability was ahead of target, and
significantly improved compared to last year, stock levels and markdowns were
tightly controlled and seasonal stock has sold through well.

By category, our Retail LFL sales and margins were as follows: Book sales for
the 20 weeks were below the prior year as we avoided last year's unprofitable
promotions, but this was compensated for by the consequent gains in gross
margin. Core stationery saw strong LFL sales and gross margin improvement while
News & Impulse delivered steady LFL sales and a good improvement in gross
margin. Entertainment, where we have reduced our exposure, continued to be
difficult from a sales perspective, as key DVD titles underperformed market
expectations, but gross margins held steady.

In Travel Retail a stronger than expected 4% LFL sales growth for the 6 and 20
weeks periods reflects a particularly strong performance in airports. The sales
growth has also been accompanied by an improvement in gross margin.

News Distribution

In the 20 weeks to 15 January 2005, LFL sales for WHSmith News were up 2% as the
benefits of improved customer focus continue to deliver a strong financial and
operational performance.

Commenting on the Group's performance, Kate Swann, Group Chief Executive said:

'Progress against our plan to deliver value to shareholders is encouraging.
Customer response to increased product choice, better availability and improved
store standards has been positive. This is a long-term recovery programme and
much remains to be done; however, we are on track and confident in the outcome
for the year.'

                                     -ENDS-

Note: All references to profitability in this statement refer to operating
profit before exceptional items of the continuing businesses.

Enquiries:

WH Smith PLC
Louise Evans           Media Relations         020 7514 9624
Mark Boyle             Investor Relations      020 7514 9630

Brunswick
Tom Buchanan                                   020 7404 5959
Pam Small





Notes to Editors

WHSmith's best selling titles by volume over the Christmas period were as
follows:

Books - Non-Fiction
Jamie's Dinners                           Jamie Oliver
The Two of Us: My Life With John Thaw     Sheila Hancock
Himalaya                                  Michael Palin
Robbie Williams: Feel                     Chris Heath
What You Wear Can Change Your Life        Trinny Woodall
                                          Susannah Constantine

Books - Fiction
The Da Vinci Code                         Dan Brown
The Graft                                 Martina Cole
Bridget Jones, Edge of Reason             Helen Fielding
Deep Black                                Andy McNab
Trace                                     Patricia Cornwell

DVD
Harry Potter and the Prisoner of Azkaban
I, Robot
Little Britain: Series One
Spiderman 2
Lord of the Rings: The Return of the King

Music
Robbie Williams                           Greatest Hits
U2                                        How To Dismantle An Atomic Bomb
Il Divo                                   Il Divo
Scissor Sisters                           Scissor Sisters
Kylie Minogue                             Ultimate Kylie

Magazines

OK!
Delia's Complete Christmas
Radio Times Christmas
Only Fools and Horses Collection
1966 World Cup






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