Swann highlights margin improvement
Stationer and bookseller WHSmith revealed like-for-like sales declined 6 per cent for the 20 weeks to January 20, but despite this, has continued to deliver profit in line with company expectations.

In the high street division, like-for-likes decreased 8 per cent and 9 per cent for the seven weeks and 20 weeks to January 20 respectively.

However, the company said gross margin improved as a result of new strategies to rebalance the mix of business, as well as better buying, low-cost sourcing and improved markdown management. The retailer said it will continue focusing on cost control.

In the travel division, like-for-like sales rose 4 per cent for the 20-week period, accompanied by a further improvement in gross margin, which was driven by changes to the sales mix, improved ranges and successful promotions.

WHSmith group chief executive Kate Swann said: 'In a competitive period on the high street, we continued to deliver our strategy to improve profitability. We increased the pace at which we are rebalancing the mix of our business towards our core categories. We remain cautious about consumer spending in our markets and our plans reflect this.'

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