Worldwide sales show 6.3 per cent upswing in recent financial report
Mothercare’s global business continues to make strong gains as the nursery and infant retailer’s most recent financial reports shows a 6.3 per cent upswing in worldwide sales.
For the full year to 25 March 2017, underlying profits also climbed by one per cent to £19.7m.
UK like for likes were up 1.1 per cent, while losses were reduced by 31 per cent to £35.2m. Clothing and footwear sales made up 31.8 per cent of sales in the UK, and 65.7 per cent of international sales.
Mothercare boss Mark Newton-Jones said: “This year marks the third year of our turnaround and I am very pleased to report that we have continued to make good progress, despite some challenging conditions in this past year. The UK has returned to underlying profit in the second half of the year for the first time in six years.”
The Chief Executive also commented on the retailer’s new “agile store estate”, after stripping back unprofitable shops and revamping two thirds of the remaining locations, which have average lease lengths of just five years.