Profits soar at stationer
WHSmith posted a good performance this morning and claimed its recovery plan is on track.
Despite soft trading in the 6 weeks to October 8 - retail like-for-like sales were down 2 per cent - the group announced a 59 per cent surge in pre-tax profit to£73 million, from£46 million last year.
Chief executive Kate Swann (pictured) said: 'This is a good performance for the group, with a substantial improvement in profitability. One year into our plan, we are on track, despite the challenging trading environment. As we approach Christmas, we remain cautious about consumer spending.'
Evolution retail analyst Nick Bubb noted: 'We think Kate Swann deserves more recognition for what she has done to turn the business around.'
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