WH Smith's first-half trading came in broadly in line with previous guidance, though like-for-like growth slowed to 2% from 3% in the first 15 weeks. The company's shares fell 1.4% in early London trading as investors reacted to the modest deceleration. Total revenue rose 5% year on year, with regional performance varying across markets.

RBC Capital Markets analyst Richard Chamberlain attributed the slight softening to weakness in the UK region, where like-for-like sales increased 2% year on year. North America posted 1% growth while the rest of the world delivered the strongest performance at 6% like-for-like sales growth. Chamberlain noted these figures remained broadly in line with previously reported first-quarter results.

The retailer maintains its full-year guidance for group profit before tax of £100 million to £115 million, with consensus expectations at £107 million. WH Smith continues to monitor geopolitical uncertainty in the Middle East and its potential impact on passenger traffic while focusing on strategic priorities and cost discipline.