£50m shades of buybacks: Erotic thriller books profits

By DOMINIC JEFF
Published on 24/08/2012 00:00

A NEW generation of racy bodice-rippers such as the bestseller Fifty Shades Of Grey helped WH Smith beat the high street blues this year.

The retailer yesterday promised to return a further £50 million to shareholders after issuing a bullish pre-close trading update.

It said a strong line-up of books, along with tight cost control and a focus on higher margin goods, meant that its profits for the year to the end of August would be at the top end of City expectations.

Fifty Shades Of Grey has sold more than five million copies and WH Smith said its 600 high street stores have seen a boost from the book and a raft of similarly erotic tomes that have proved popular in its wake. Its shops in airports, railway stations and motorway services also made good progress, helped by opening stores overseas.

The firm said it had completed this year’s £50m share buyback programme and announced more of the same for next year.