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WH Smith aims for rally as it seals stationery deal with Post Office

12 Apr 2018, 12:20

https://www.standard.co.uk/business/wh- ... 12406.html

The boss of WH Smith on Thursday said he will ramp up his efforts to sell more pens, pads and paper to boost its High Street stores as profits fell.

The newsagent inked a deal with the Post Office to shift WH Smith stationery in 175 locations.

It also snapped up Cultpens, an upmarket online stationer, for an undisclosed sum, while it tries to rely less on books, newspapers and magazines.


Chief executive Steve Clarke said: “It’s key to our strategy. Stationery is the most attractive and has the highest margins.”

It already accounts for over half of the retailer’s High Street sales and 60% of profits, he added.

Revenues were flat to £643 million for the six months to February 28, while pre-tax profits edged down 1% to £82 million.

Same-store sales were up 3% in its travel arm, the largest part of the business.

Investec’s Kate Calvert dubbed the results “solid”.

“Another consistent performance continuing a long track record of steady growth and strong cash generation,” she said.

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