WH Smith PLC has reported a drop in sales from the end of February to early June 2012. The commercial property business saw a drop in total sales by 1.0 per cent in the 15 weeks up to the 9 June and a drop of 3.0 per cent in like-for-like sales, when compared to the same period last year.
However, High Street sales in their commercial properties all over the UK were worst hit. Sales were down by 3.0 per cent, but like-for-like sales decreased by 4.0 per cent – which is a good sign, given the tough economic trading conditions.
In a statement published on their website, the company stated: “We confirm that our financial position is in line with market expectations and our balance sheet remains strong. We continue to generate high levels of cash from our operations.
“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.”
The company, which is famous for selling newspapers, birthday cards and magazines has 500 commercial properties in the UK high streets and a further 490 stores in airports, motorway service stations and hospitals. As well as selling the well known products that we are love, the company also sells gadgets and gizmos, after acquiring The Gadget Shop in 2010. They now sell e-readers and iPad’s to keep up with the growing demand of technology markets.
Do you think that by moving with the times the company has ensured its survival up until now? Or do you think that people will always need WH Smith commercial property to pick up small necessities like a newspaper or lottery ticket?
Howdy! Looking through this post reminds me of my previous roommate! He always kept talking about this. I most certainly will send this information to him. Pretty sure he’s going to have a very good read. Thank you for sharing!