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WH Smith has reported a slump in sales for the first ten weeks of the financial year.

In a statement today the high street retailer revealed that its like-for-like sales were down two per cent year-on-year over the period.

Overall sales were one per cent lower.

Despite the drop in business WH Smith stressed that trading was in line with its expectations and that its outlook for the key Christmas period remained unchanged.

The retailer said that sales at the start of the year had been supported by a strong early release schedule in books.

But while lower sales at the company's high street stores appear to have hit the company's overall performance, like-for-like sales at WH Smith Travel were one per cent higher at the start of the financial year.

Excluding tobacco trading, like-for-like sales across the division – which operates units at railway stations, airports and motorway service stations – were up three per cent.

WH Smith stressed that new store openings within its travel business remained on track, along with the opening of post office branches within several of its high street stores.

Earlier this year it was announced that the Post Office had entered into an agreement with WH Smith to transfer 70 crown post office branches to the retailer's stores.

Meanwhile the retailer stressed that its financial position remained in line with expectations.

Looking ahead WH Smith stressed: "Whilst we remain cautious about the consumer environment and anticipate competitive trading in our markets over the key Christmas period, the current financial year has started as we expected."