UK book-seller WH Smith has revealed that, for the first 10 weeks of this financial year, like-for-like sales were down 1 per cent and group sales were static. In the brand's travel business, total sales grew by 7 per cent, and like-for-like by 2 per cent. WH Smith stated that gross margin has boosted as planned, and positive progress was being made both internationally and in the UK.
High street stores suffered on the other hand – like-for-like sales dropped by 4 per cent during this time, and total sales by 5 per cent. Cost saving initiatives stayed in line with plans, as did gross margin. The company stated:
"The new financial year has started well however the peak trading periods for both businesses are ahead of us. We remain focused on profitable growth, cash generation and investment in new opportunities."
Related Tags:UK book-seller, High street stores, peak trading periods, gross margin, Cost saving initiatives