WH Smith boss sells £2.3m stake
The chief executive of Swindon-based WH Smith has sold 40 per cent of her share capital in the business.
Kate Swann said the sell-off concerning 425,000 shares at 550.74p was a bid to raise money to invest in property. The disposal made the boss of the books and stationery retailer about £2.3m.
Swann, who has been held widely responsible for the turnaround of WH Smith since her takeover in 2003, now holds 0.47 per cent of the firm's shares.
For the 21 weeks to 21 January, like-for-like sales dropped in all of WH Smith's reported divisions. Group sales were down 5 per cent, while like-for-like travel and high street sales dropped 3 per cent and 6 per cent respectively.
When the results were reported last month (January), Swann said: "Our new store opening programme remains on track and we continue to identify further opportunities for growth both in the UK and internationally.
"Over the past six years both businesses have consistently increased profits and the group is now well balanced between travel and high street. As a result of this, the months of November and December now represent less than half of annual group profit compared to more than 90 per cent of group profit six years ago."
