WH Smith fighting to stand still

WH Smith fighting to stand still

These results from WH Smith (SMWH) suggest the pain on the high street is all too real for Britain’s retailers. During the six months ended 28 February, revenues from the stationer’s high street business fell 5 per cent in total (4 per cent on a like-for-like basis), while travel outlets – that’s train stations and airports – mustered a 7 per cent improvement (3 per cent on an underlying basis). Thankfully, this was enough to keep overall revenues flat and group trading profits down just 1 per cent to £91m, while a decent level of cash generation allowed for a 10 per cent rise in the half-year dividend.

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