Smiths profits up as music sales go down

WH Smith has seen its profits rise following restructuring instigated by CEO Kate Swann, which is good news, except that key to that restructuring was reducing the prominence of music and DVD in the retailer's stores, so not so good news for the music industry. Profits were up from £44 million last year to £76 million this year. Entertainment sales were down 32%, though that's not surprising given the cut in stock in that domain. With overall profits up, expect further CD/DVD cuts.