WH Smith update fails to inspire confidence

The price of shares in FTSE 250 newsagent WH Smith (LON:SMWH) has dropped by 2.61% to 1,942p (as of 12:40 BST) after it published a pre-close update for the year ended 31st August. Management said that its travel and hospital outlets were continuing to perform well in the UK and the company now has 428 stores open internationally.

Performance on the high street was in line with expectations, with the group targeting cost savings while expanding its stationary ranges and adding additional post office concessions within its branches. Overall results are expected to be as suggested by previous guidance.