Coda on WH Smith sales

WH Smith may not be the UK’s sexiest book retailer, but it remains an important one. In an analysis of their annual accounts and report (11 October), I argued that, to achieve long-term growth, the company could not rely endlessly on cost-cutting to drive profitability: sooner or later, it would need to grow revenue.

The latest news (available in the FT, 14 Nov) – that sales in the first ten week’s of the company’s current fiscal year have continued their downward trend is worrying news.

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