WH Smith hailed its resilience today as departing chief executive Kate Swann continued the retail chain’s focus on profitability over sales.
Like-for-like revenues fell 5 per cent in the 20 weeks to 20 January but with close management of margins and costs the company said it still delivered a “good” profits performance for the period.
It is a formula that has worked well for the company, which operates around 618 stores on the high street and another 619 at travel sites such as airports, train stations and motorway service areas.
Shares rose more than a third last year and opened 1 per cent higher today as analysts backed the company’s strategy.
In October, WH Smith’s profits lifted 10 per cent to £102 million, compared with the £135m loss it made in 2004 prior to Swann’s appointment. The figure is expected to rise to £106m in this financial year.
