WH Smith's sales fell in first 10 weeks of financial year

14th Nov 2013 07:38

WH Smith's sales fell four per cent on a like-for-like basis in the 10 weeks to November 9th, reflecting the poor performance of stores on the High Street. The stationary supplier said like-for-like sales on the High Street were down 6% while its Travel division, which includes stores at airports and railway stations, saw like-for-like sales drop 2%.The group intends to return up to £50m of cash to shareholders via a rolling share buyback programme. On Wednesday, WH Smith purchased 0.65m shares and returned £6m to shareholders."The group's financial position is in line with market expectations," the firm said."Whilst the current climate continues to be uncertain, we remain a resilient business and are well positioned for continued profitable growth both in the UK and internationally." RD