Vol­cano clouds Smith’s re­sults

Daily Mail - - City & Finance -

WH SMITH rolled out dis­ap­point­ing third-quar­ter fig­ures yes­ter­day, blam­ing Ice­land’s vol­canic ash cloud.

An­a­lysts called the re­sults ‘unin­spir­ing’ af­ter the re­tailer posted a 4pc fall in like-for-like sales in the 14 weeks to June 5. Sales at its travel di­vi­sion, based at air­ports and rail sta­tions, were the main drag on per­for­mance. WH Smith shares, down 14pc over the past month, shed a fur­ther 19pc, clos­ing at 434.6p. Yet not all is gloomy. An­a­lyst con­sen­sus tips WH Smith to post profit of £88m in the full year to Au­gust, up from £82m last year.

Jonathan Pritchard at Oriel Se­cu­ri­ties sees a com­pany open­ing out­lets in cities such as Copen­hagen and Delhi as an ‘ab­so­lute gem’ that is ‘un­der­val­ued and chuck­ing off cash’.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.