Bookseller and stationer WHSmith said it was on track to meet targets, despite reporting a fall in like-for-like sales.
The retailer posted a 1 per cent group comparable-store sales decline for the 10 weeks to November 10.
Sales at the high street division slid 2 per cent like for like. The retailer said performance was “supported by a strong early release schedule in books”. It added: “Our expectations for Christmas as a whole remain unchanged.”
At the travel arm, comparable sales were up 1 per cent, or 3 per dent excluding tobacco.
WHSmith said: “While we remain cautious about the consumer environment and anticipate competitive trading in our markets over the key Christmas period, the current financial year has started as we expected.”
Landsbanki analyst Mark Photiades said: “Management’s strategy of margin enhancement and tight cost control is delivering results at present, but no a longer time frame top line growth must return when there is less room to manoeuvre on margins and costs.”
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