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(qlmbusinessnews.com via telegraph.co.uk – – Wed, 24 Jan 2018) London, Uk – –
Sales at WH Smith were flat over Christmas as the high street book and stationery seller suffered from a lack of new spoof books like the popular Ladybird Book of The Hipster and Five on Brexit Island.
The chain’s travel division of stores based in train stations and airports continued to do well, with total sales in the 20 weeks to January 20 up 7pc, boosted by new shops at Gatwick and Stansted.
But its high street revenues dropped 5pc, as expected, after a “particularly strong performance” the previous year.
Chief executive Stephen Clarke said high street sales of gift wrap and Christmas cards “performed well with good sales growth versus last year”, but that book sales fell due to a lack of “new, big publishing trends”.
He added: “Looking ahead, while there is some uncertainty in the broader economic environment, we remain confident that the group is well positioned for the year ahead as we continue to focus on profitable growth, cash generation and investing in new opportunities.”
The retailer said it was continuing to reduce costs in its high street arm, with savings this year expected to be around £12m, ahead of targets.
WH Smith’s shares were down 1.6pc to £20.98 in early trading.
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