WH Smith has posted another increase in profits, as it continues to cut costs at the expense of sales.
The high street retailer said pre-tax profits rose 3% to £66m in the six months to 29 February. It said it had delivered cost savings of £2m ahead of plan in its high street stores division and was now targeting £3m of savings for the second half of the year.
But group like-for-like sales slumped 5% during the period, down 3% in its travel stores division and 6% in its high street unit.
“Looking ahead, we expect the trading environment to be challenging,” said chief executive Kate Swann.
“However, we are a resilient business with a consistent record of both profit growth and cash generation and we have opportunities for growth in the UK and internationally.”