WHSmith sales slip on 2013's weaker publishing schedule

Highstreet retailer WHSmith has released an interim management statement for the 14 weeks from 3 March to 8 June (release).

The firm said that sales were down five per cent down per cent, with like-for-like sales slipping six per cent on the same period last year.

Much of the damage was done on in high street sales, which fell seven per cent on a like-for-like basis. WHSmith cited last year's stronger publishing schedule as reason for the fall.

As of 12 June 2013, we have purchased 5m shares and returned to shareholders £34m of the £50m share buyback announced in August 2012.

The economic environment remains uncertain and whilst we continue to be cautious about consumer spending, we remain confident in the outcome for the full year.

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