WH Smith (LON:SMWH) sales fell during the 20 weeks to January 20th, despite a rise in sales at airport outlets.
Like-for-like sales for the group overall were down 1 percent, whilst sales at airports and stations rose 7 percent, 3 percent on a like-for-like basis.
High Street sales were the worst hit, seeing a 5 percent fall, with like-for-like sales down 4 percent.
The company confirmed its cost efficiency programme was well underway, with will full-year cost savings expected to be slightly ahead of target at £12 million.
Chief executive Stephen Clarke said the results were delivered against a “very successful period last year”.
“Our travel business now accounts for almost two thirds of the group’s annual profit and we continue to deliver strong sales growth across all our key channels,” Clarke said.
“This was driven by ongoing investment in the business and continued growth in passenger numbers in our airport stores over the Christmas period. Our recently opened new concept store in Gatwick South has performed particularly well and is ahead of plan.”
Looking ahead, Clarke warned on “uncertainty in the broader economic environment”, but added that the group remains confident that it is “well positioned for the year ahead as we continue to focus on profitable growth, cash generation and investing in new opportunities.”
Shares in WH Smith are currently trading down 1.69 percent at 2,096.00 (0816GMT).
