first_img whatsapp ANALYST VIEWS: CAN WH SMITH CONTINUE TO HIT TARGETS WITH CUTS? Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndoBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search AdsUndo More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSidney Crosby, Alex Ovechkin are graying and frayingnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPuffer fish snaps a selfie with lucky divernypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at KCS-content NEIL SAUNDERS | VERDICTIt’s the familiar story of an increase in profits on the back of a decline in overall sales, brought about by cost reductions and margin enhancements. The danger is that as cost savings become more difficult to extract, the business will have a weaker consumer proposition and will continue to see sales slide; ultimately this could damage profitability. We are not yet at that point, but on current form this looks to be the inevitable direction that the firm is heading in.KEITH BOWMAN | HARGREAVES LANSDOWNThe group’s reputation for consistent if somewhat unexciting growth has again been enhanced. An early adoption of the now increasingly fashionable trend to concentrate on profit margins at the expense of sales has served the company well. Furthermore, despite understandably cautious comments with regards to the outlook, management is still attempting to push the boundaries. In all, WH Smith continues to be rewarded with a positive (‘buy’) market consensus.NICK BUBB | ARDENThe figures for the first-half numbers are in line, as always, and there is not too much in the statement to get excited about. But the 18 per cent rise in the interim dividend is a useful reminder that WH Smith continues to grind out massive surplus cash flow (for dividend growth and earnings per share enhancing share buybacks) and a five per cent yield is very attractive. There is overseas growth across the board with store openings in hospitals and stations as well as in India. center_img whatsapp Tags: NULL Show Comments ▼ Thursday 14 April 2011 8:16 pm Sharelast_img

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