WH Smith has suffered a 4% slump in total like-for-like sales, with its travel and high street arms both reporting declines.
Like-for-like sales in its travel division, which has stores in airports, train stations and hospitals, fell 2% in the 18 weeks to 2 July. Its high street division, meanwhile, sustained a 4% slump.
But the retailer said gross margins were continuing to grow and cost savings had been delivered in line with plans.
“Our financial position is in line with market expectations and our balance sheet remains strong,” the company said in a statement. “We continue to generate high levels of cash from our operations.”
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WH Smith set for 22 new travel stores (16 April 2011)
Travel arm keeps WH Smith on track (14 April 2011)