WH Smith: shares inch higher after 'solid' trading update.
(CercleFinance.com) - Shares in WH Smith gain close to 1 per cent after the British newspaper, magazines and books retailer reported a "solid" trading update according to analysts.
In the 15-week period from 1 March to 10 June, total group sales were up 2%, with like-for-like sales flat, the company said this morning.
"As expected, travel continues to be the key growth driver," commented analysts at Liberum, which keep their "hold" rating on the stock.
Indeed, WH Smith's total travel business sales were up 8% over the period, with like-for-like sales growing 5%.
The company said this morning that it is on target to open 15 units in the UK this year and has won further units internationally, including 6 units in Rome which will open in July.
While management remains confident in the full year outlook, WH Smith notes that there continues to be some uncertainty with regard to the broader economic environment.
Liberum pointed out that gross margin improvements are on track, as are planned cost savings.
Shares were up 0.9 per cent in London after this trading update.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
In the 15-week period from 1 March to 10 June, total group sales were up 2%, with like-for-like sales flat, the company said this morning.
"As expected, travel continues to be the key growth driver," commented analysts at Liberum, which keep their "hold" rating on the stock.
Indeed, WH Smith's total travel business sales were up 8% over the period, with like-for-like sales growing 5%.
The company said this morning that it is on target to open 15 units in the UK this year and has won further units internationally, including 6 units in Rome which will open in July.
While management remains confident in the full year outlook, WH Smith notes that there continues to be some uncertainty with regard to the broader economic environment.
Liberum pointed out that gross margin improvements are on track, as are planned cost savings.
Shares were up 0.9 per cent in London after this trading update.
Copyright (c) 2017 CercleFinance.com. All rights reserved.