WH Smith’s High Street woe

THE boss of WH Smith doesn’t expect conditions for shops to get better any time soon.

Chief executive Stephen Clarke said he couldn’t see shoppers returning to high streets.

More than 50,000 UK retail jobs have been axed this year as buyers go online, with big names such as Toys R Us UK and Maplin being forced into administration.

It emerged in August that nearly £1 in every £5 spent in the UK is now spent online.

Speaking as he announced WH Smith store closures, Clarke said: ‘It will remain tough for some time. There is nothing to indicate that high street footfall will improve any time soon.’

Shares in the stationery store tumbled 11.5pc, to 1800p, as it announced a detailed review, including plans to close six stores. Its 22- strong budget greetings card chain Cardmarket and franchised convenience store arm WH Smith Local will also be wound down. The total store base will drop from 607 to just under 580.

Bosses hope to focus on the 839 stores in airports and train stations in the UK and abroad and on core ranges of books and stationery. Clarke said: ‘We are not having a rethink, nor are we changing our strategy and nor are we drawing back from the high street.’

WH Smith’s sales rose 2pc to £1.2bn, boosted by soaring sales of children’s toy slime, which is at the heart of a global craze fuelled by social media.

Profits for the year to August 31 fell 4pc to £134m with the review costs included. However, with the review costs stripped out, profits rose 4pc to £145m.