High street stationer and newsagent WH Smith Plc has said it remains confident over its performance in 2011 despite tough trading conditions across the UK.
In an interim statement to shareholders released this morning, the company said group sales for the 18 weeks to July 2 were down one per cent on the same period last year. Like-for-like sales were down four per cent.
Total sales on the high street were down three per cent, with like-for-like sales down four per cent.
Despite the dip in sales, WH Smith said gross margins had continued to grow and cost savings had been implemented by the business in line with its plan.
The company said: "The economic environment remains uncertain and whilst we continue to be cautious about consumer spending, we remain confident in the outcome for the full year."
Speaking to the Guardian, Nick Bubb, an analyst at Arden Partners, said today's statement does not offer up any major surprises.
He said: "Today's interim management statement is on track for the full year and it is the same old story: sales down, margins and profits go up and the cash machine rolls on."
