WH Smith latest like-for-like sales drop

LONDON (Reuters) - Bookseller and stationer WH Smith said like-for-like sales fell 2 percent in the 13 weeks to May 31 and while it was cautious about consumer spending it was confident about the outcome for the full year.

When posting an 8 percent rise in first-half pretax profit in April, the retailer had said like-for-like sales fell by 2 percent in the six months to February 29 and by the same amount in the subsequent six weeks to April 12.

The retailer, less vulnerable than some to the economic slowdown because its customers tend to spend small sums, said like-for-like sales at its high street stores fell by 3 percent in the period -- the first 13 weeks of its second half -- while those at its travel outlets rose 1 percent.

"The economic environment remains uncertain and, whilst we continue to be cautious about consumer spending, we are confident in the outcome for the full year," the retailer said in its trading update on Thursday.

WH Smith was expected to report full-year pretax profit of around 73.5 million pounds according to the average of 18 analysts forecasts provided by Reuters Estimates, with the range at 68.6 million to 76.3 million.

Shares in WH Smith, which have outperformed the general retailers' index by around 55 percent in the past 12 months, had ended at 399.50 pence on Wednesday to value the company at around 626.6 million pounds.

(Reporting by Mike Elliott; Editing by Louise Ireland)