WH Smith PLC (LON:SMWH) has maintained its full year guidance as it cut costs at its high street stores following sluggish sales.
In a trading update on its results for the year to 31 August, the UK books and stationary retailer said its travel stores continued to deliver a strong performance with good sales across its channels.
READ: WH Smith shares up as it remains “confident in the outcome for the full year”, with Travel sales up, but high street sales down
The group said its plan to roll out new travel stores was on track, having opened its first three in Italy, including Rome’s Fiumicino and Ciampino airports, and Turin airport.
Full year results to be published in October
“We continue to see further opportunities in the international news, books and convenience travel market,” the company said.
High street stores continued to perform in line with expectations, WH Smith added, after reporting a decline in sales in the first half and third quarter results.
In an effort to boost profits at the high street stores, cost savings and margins improvements were made in line with expectations.
The company will publish its annual earnings on 12 October.