We'll be looking for a small improvement in the travel division when WH Smith (SMWH) reports its half-year results next week, given the recovery in UK air-passenger numbers. We also expect to hear an update on store rollouts, particularly in the international pipeline, which is a major driver of growth.
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What we do know from a recent trading update is that in the 20 weeks to 18 January tight cost control delivered good profit performance and gross-margin improvement, even as like-for-like sales fell 4 per cent. In travel, comparable store sales were down just 1 per cent; the decline was concentrated in the high street, where sales were 6 per cent lower.