Mothercare make progress on losses
Mothercare said it was able to reduce UK losses through its transformation and growth plans.
Underlying loss before tax was reduced to £0.6m, and the decline in like-for-like sales performance was improved to -3.4%.
During the first half of the year the firm closed 31 stores, and plan to close a further 19 by the end of the year.
As part of the transformation strategy, the company have also launched a number of premium clothing ranges, including one bearing Jools Oliver’s name.
Alan Parker, Chairman of Mothercare, said: “We have made good progress over the last six months in implementing the cost and efficiency measures of our three-year Transformation & Growth plan for Mothercare. These are early days and while there is much still to do, I remain confident that we are on track.”
Simon Calver, Chief Executive of Mothercare, said: “My first six months as CEO have been both challenging and exciting. We are starting to see the impact of our actions to ensure that Mothercare can deliver what our customers want - better value, choice and service.
“Our results show early signs of progress despite the challenging trading conditions in the UK and the Eurozone. International profits have grown by 20%, while the like-for-like sales trend in the UK has improved and losses have reduced. Ahead of our peak trading period over Christmas, we are working hard to serve our customers better and focusing on the delivery of our plan.”
This was posted in Bdaily's Members' News section by Tom Keighley .
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