Pre-tax profits at Swindon-based retail giant WH Smith edged ahead by 3% to £66m in the six months to February 29 despite sales tumbling from £686m to £665m.
Chief executive Kate Swann said in a statement to shareholders: “Our high street business continues to deliver strong cash generation, with gross margin improvement and costs tightly controlled. The group remains cash generative enabling us to invest in our businesses and new opportunities, whilst also returning cash to shareholders.”
Operating profits grew by 8% in its ‘travel’ division which operates stores at railway stations and airports.
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