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Peel Hunt has maintained is hold rating on high street retailer WH Smith after Christmas trading was "in line with subdued like-for-like [LFL] expectations." The company said total sales for the group were down 3% in the 21 weeks to January 21st, compared to the corresponding period a year earlier. LFL sales were down 5% in the first 21 weeks of the group's financial year, but that represents a slight improvement on the previously reported 6% dip in LFL sales for the first 10 weeks of the fiscal year.
Commenting on today's announcement, Kate Swann, Group Chief Executive said: "During the period we saw a resilient performance in challenging trading conditions. Gross margin was in line with plan and costs were tightly controlled. "Over the past six years both businesses have consistently increased profits and the Group is now well balanced between Travel and High Street. As a result of this, the months of November and December now represent less than half of annual Group profit compared to over 90% of Group profit six years ago. "Looking ahead, we expect the trading environment to be challenging however we have planned accordingly and continue to be confident in making further progress in the year."
TRADING STATEMENT Resilient performance across the Group with profit growth in line with expectations WH Smith PLC is today providing an update on its trading performance for the 21 weeks to 21 January 2012. The Group delivered a resilient performance with profit in line with expectations. Group total sales were down 3% with like-for-like (LFL) sales down 5% for the 21 weeks. In Travel, total sales were up 2% with LFL sales down 3% for the 21 weeks and we saw further improvement in gross margin, in line with plan. Our new store opening programme remains on track and we continue to identify further opportunities for growth both in the UK and internationally. In High Street, total sales were down 5% with LFL sales down 6% for the 21 weeks. Excluding Entertainment, LFL sales were down 4%. Gross margin improved in the period in line with plan and costs were tightly managed, reflecting the trading conditions. The Group continues to be highly cash generative with a strong balance sheet. Further to our announcement on 31 August 2011 of our intention to return up to £50m of cash to shareholders via an on market rolling share buyback programme, as of 24 January 2012, we have purchased 2.7 million shares to date at an average price of £5.15.
http://www.investegate.co.uk/Article.aspx?id=201201250700080977W
Chief executive at WH Smiths Kate Swann has sold 143,275 of her shares in the firm for a total of £801,853. The disposal of the shares, at 559.66p each, brings her total stake in the company to just over 1.2m, equivalent to 0.77%. The CEO also purchased 275,493 shares at an undisclosed price, in a move which took her share in the firm up to 0.87%, before the sale which followed soon after.
Good figures indeed considering present world economics
Commenting on the results, Kate Swann, Group Chief Executive said: "We have delivered a good performance across the Group, despite a challenging trading environment, with further profit growth from High Street and record profit in Travel. "We have seen another year of strong cash generation from both businesses and this is reflected in a 16% increase in the full year dividend and a further return of cash to shareholders. "The economic conditions remain challenging, however we have planned accordingly. We are a resilient business with a strong and consistent record of both profit growth and cash generation and have opportunities for growth in both the UK and internationally."
http://www.investegate.co.uk/Article.aspx?id=201110130700120872Q
Newsagents WH Smith reported a record profit performance from its Travel segment in the year to the end of August. Profit before tax rose 4% to £93m from £89m the year before. Total group sales were £1,273m (2010: £1,312m) with like-for-like (LFL) sales down 5%. Travel sales grew by 1% to £455m, down 3% on a LFL basis. High Street sales were down 5% at £818m and down 6% on a LFL basis (excluding entertainment, LFL sales were down 3%).
Latest episode form iii http://www.iii.co.uk/tv/episode/whsmiths-smwh
Performance is expected to be in-line with market expectations when WH Smith (SMWH) releases preliminary results on 13th October, the retail group revealed in a trading update. Its travel retail business has continued to improve and has expanded internationally, while the high street division has focused on increasing its margins and cost control. Separately, the company announced that managing director Simon Marinker is retiring in December after spending 34 years with the business, and will be replaced by chief operating officer Simon Smith. The shares rose 7.4p to 482.4p.
WH Smith (SMWH) Newsagent / small ticket items specialist WH Smith seems to be well placed as a recession play, with a rising trend channel guiding the share price higher. The message at the moment is that while there is no end of day close back below the green 10 day moving average at 494p the upside here should be towards the 2011 resistance line projection as high as 570p. So reckons Zak Mir
http://www.investegate.co.uk/Article.aspx?id=201107070700069002J
Margins keep growing at WH Smith By Rory Gallivan Date: Thursday 07 Jul 2011 LONDON (ShareCast) - WH Smith reported a fall in sales in the 18 weeks to 27 July, but the newsagent and bookshop chain said it is continuing to grow margins. Total sales were down by 1% from the same period the previous year, or by 4% on a like-for-like basis, excluding the impact of new openings. In the travel division, which operates in railway stations and airports, total sales were up by 2%, but like-for-like sales fell by 2%. The company “saw a further period of gross margin expansion.” High street sales were down by 3% overall and by 4% on a like-for-like basis. Gross margins also grew in the division. WH Smith has been shifting its sales into higher margin areas, moving out of categories such as entertainment. “The economic environment remains uncertain and whilst we continue to be cautious about consumer spending, we remain confident in the outcome for the full year,” WH Smith said. --- RG
WH Smith demonstrates resilience Date: Thursday 14 Apr 2011 LONDON (ShareCast) - Interim results from newsagent WH Smith were in line with expectations, with like for like sales (LFL) down 6% on the high street and 3% lower in the group's travel outlets. Group total sales in the six months ended 28 February were down 4% on a year earlier, with LFL sales down 5%. High street sales were down 6%, with LFL sales, excluding Entertainment, 3% down on a year earlier. Profit before tax edged up to £64m from £62m the year before, despite the fall in group revenue to £686m from £716m. Gross margin improved by 1.7 percentage points year on year. The business remains extremely cash generative. At the end of the reporting period WH Smith had net cash of £70m, and felt able to bump up the interim dividend by 18% to 7.2p. "During the first half we have returned £27m to shareholders through the share buyback and increased the interim dividend by 18%, demonstrating the board's confidence in the future prospects of the group and its continued cash generative nature,” said group chief executive, Kate Swann. “In Travel we have grown profit by 9%, demonstrating the strength of the business model. We are encouraged by the performance of our international units and now have a total of 40 units either opened or planned,” Swann added.
Commenting on the results, Kate Swann, Group Chief Executive said: "We have delivered a good performance across the Group, despite a difficult consumer environment. "In Travel we have grown profit by 9%, demonstrating the strength of the business model. We are encouraged by the performance of our international units and now have a total of 40 units either opened or planned. Our High Street business continues to be highly profitable and cash generative. "During the first half we have returned £27m to shareholders through the share buyback and increased the interim dividend by 18%, demonstrating the Board's confidence in the future prospects of the Group and its continued cash generative nature. "Looking forward, we expect the economic environment to remain challenging and we have planned accordingly."
KEY POINTS · Group profit from trading operations1 up 3% to £72m (2010: £70m): · Travel operating profit1 up 9% to £25m (2010: £23m) · High Street operating profit1 £47m (2010: £47m) · Group profit before tax up 3% to £64m (2010: £62m) · Earnings per share2 up 11% to 35.2p (2010: 31.6p) · Group total sales down 4% with like-for-like (LFL) sales down 5%: · Travel total sales in line with last year with LFL sales down 3% · High Street total sales down 6% with LFL sales excluding Entertainment down 3% and overall LFL sales down 6%, in line with our strategic plan · Gross margin improved by 170 basis points year on year · Strong balance sheet and cash generation: · Net cash of £70m at half year end · Strong free cash flow3 of £74m for the half · Good progress with return of cash to shareholders through on market share buyback programme · Replacement £70m committed revolving credit working capital facility agreed, maturing in 2016 · Interim dividend of 7.2p, up 18% on the prior year
http://www.investegate.co.uk/Article.aspx?id=201104140700088650E
Tight cost control has enabled WH Smith (SMWH) to offset snow disruption at its high street stores in the run-up to Christmas. The retailer announced that underlying sales in its high street stores had fallen 7% in December and January, as the adverse weather exacerbated the effects of a continuing strategic refocusing. However, it added that its gross profit margin had been better than expected thanks to rigorous cost management
Anyone: I am surprised there are no posts here. I gather that Jessops are gaining concessions in W.H Smith, the first one to be in Manchester shortly. Right or Wrong? Anyone know whether this is here say?