News article

WH Smith share price up on profit increase

WH Smith share price up on profit increase
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WH Smith was up by 12 points within the first 80 minutes of stock market trading today following its latest annual earnings report.

The newsagent chain's profits, excluding tax and exceptional items, was £82 million in the 12 months up to August 31st 2009, an increase of eight per cent on 2008's figures.

Kate Swann, the company's chief executive, told the BBC that regular profit increases in recent years demonstrate that WH Smith is giving consumers what they want.

"We have delivered another strong performance," she said in a statement. "Operating performance was ahead of expectations in both our travel and high street divisions."

Like-for-like sales were down by five per cent, but Ms Swann stated that WH Smith had made preparations for the currently difficult trading conditions, adding that she believes the London Stock Exchange-listed retailer will be in a good position when high street spending begins to increase.ADNFCR-1681-ID-19410357-ADNFCR