Sales down, profits up at WH Smith

WH Smith today became the latest high street retailer to reveal a sales fall over the festive season but said better margins meant profits were up.

Like-for-like sales were 5% lower in the seven weeks to January 21 although tighter cost controls than in previous years put profits above last Christmas and in line with expectations.

Chief executive Kate Swann said: “The Christmas trading period was as challenging and competitive in our markets as anticipated.

“Our strategy to focus on the bottom line has resulted in better margin performance and improved profitability.”

WH Smith said it remained “cautious” about consumer spending.