UK retailer WH Smith PLC (LON:SMWH) posted flat like-for-like sales as strong trade in its station-based outlets offset another dip on the high street.
The stationer and newsagent said like-for-like sales rose 3% in its travel-focused stores in the 14 weeks to 4 June as higher passenger throughput boosted revenues.
High street stores didn’t fare quite so well, with like-for-like sales down 3%, although gross margin improvements and cost savings were on track.
For some time, WH Smith has been deliberately cutting lower margin items from its high street stores while investing heavily into its travel business where store numbers are growing.
The travel side of the firm currently operates 757 stores, mainly in airports, train stations and motorway service stations, while the high street division operates 618 stores.
The company concluded that it was “confident in the outcome for the full year.”
Shares were down 58p, or 3%, to 1,682p.