Mothercare posts weak UK sales

Mother and baby products firm Mothercare posted weak quarterly sales at its main British market, taking the shine off stellar sales growth overseas.

The firm, which has issued two profit warnings this year and in May detailed plans to close over a quarter of its British stores, said yesterday that sales at UK stores open over a year fell 4.3 per cent in the 15 weeks to July 9th, its fiscal first quarter.

This compares with a fourth-quarter fall of 2.4 per cent.

“In the UK the trading environment remains difficult and competitive,” the company said in a statement.

“However, our property restructure and cost reduction programmes are progressing well.” – (Reuters)