WH Smith
Revenue £1.18bn Dividends 39.4p
It is an odd sort of retailer that can celebrate flat like-for-like sales as the best result in 13 years. WH Smith is an odd sort of retailer.
Under the former chief executive, Kate Swann, the company evolved a strategy of running its distinctive high street stores as efficiently as possible. New openings were shunned, and as leases expired, the decision was taken whether to renew or close. WH Smith would no longer try to compete on items such as CDs and DVDs that could be found more cheaply elsewhere.
The high cashflow would be used to expand the travel side, outlets at stations, airports and hospitals generally, and any outstanding sums would be returned to investors. The strategy