REG - WH Smith PLC - Interim Management Statement <Origin Href="QuoteRef">SMWH.L</Origin>

WH SmithAnnouncement

06/09/2014 02:10

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RNS Number : 2983J
WH Smith PLC
11 June 2014 
 
WH SMITH PLC 
 
Interim Management Statement 
 
11 June 2014 
 
WH Smith PLC is today publishing its Interim Management Statement as required
by the UK Listing Authority's Disclosure and Transparency rules, relating to
the 14 week period from 2 March 2014 to 7 June 2014. 
 
CURRENT TRADING 
 
Total Group sales in the first 14 weeks of the second half of the financial
year were flat with like-for-like sales down 2%, compared to the same period
last year. 
 
WHSmith Travel total sales were up 4% and like-for-like sales were flat in the
period, reflecting the continuing improvement in sales trends. Our new store
opening programme, both in the UK and internationally, is progressing well and
we saw gross margin improvement. 
 
WHSmith High Street total sales were down 4% and like-for-like sales were also
down 4% in the period. Gross margins continue to increase and cost savings
have been delivered in line with plan. 
 
FINANCIAL POSITION 
 
We confirm that our financial position is in line with market expectations and
our balance sheet remains strong. We continue to generate high levels of cash
from our operations. As of 10 June 2014, we have purchased 3.2m shares and
returned to shareholders £33m of the £50m share buyback announced in October
2013. 
 
The Group also announces today that it has agreed a new five year committed
revolving credit working capital facility of £93.3m, which will expire in June
2019. The facility is provided equally by the Group's four relationship banks:
Barclays Bank PLC, HSBC, Lloyds Banking Group and Santander UK PLC. 
 
PROSPECTS 
 
We continue to make progress in both our Travel and High Street businesses and
remain confident in the outcome for the full year. 
 
- ENDS - 
 
Enquiries: 
 
WH Smith PLC 
 
Mark Boyle                             Investor Relations                     
        020 7406 6320 
 
Nicola Hillman                       Media Relations                          
       020 7406 6350 
 
Brunswick 
 
Simon Sporborg                                                                
               020 7404 5959 
 
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