WH Smith reports jump in FY profits |
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Published
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Thu, 12 Oct 2006 10:15
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LONDON - WH Smith, the stationary retailer, has announced a 51 percent increase in its profits but added that its sales have fallen.
The company has posted a pre-tax profits of £44 million compared to £31 million last year. However the fall of 4 percent in like-for-like sales is a worrying sign for the company, a condition which it says in unlikely to improve in the near future.
Chief executive Kate Swann said, "Spending in our categories remains subdued and we expect the Christmas season to be competitive; we have planned accordingly". Ms. Swann added that the overall performance of the company in the past year has been strong, even with the demerger of its newspaper and magazine distribution arm.
Sales from high street fell by 7 percent to £1.02 billion but the profits have increased by 14 percent. Book sales were the hardest hit, with a drop in sales by 5 percent, while the stationary sales fell by 4 percent.
The company's entertainment arm suffered a major setback with the sales of CDs, DVDs and other products falling by over 19 percent. Smith News posted a 1 percent increase in its annual profits up at £32 million.
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WH Smith improves profits, but sales are down 