Losses widen at Mothercare UK on back of restructuring
Worldwide sales, including international franchise, slipped 7.9% to just over £1bn
Mothercare said it will now focus on rebuilding its brand. Photograph: Andrew Yates/Reuters
Losses at Mothercare UK have widened on the back of a drastic restructuring plan, but the company said it will now focus on rebuilding its brand.
Headline losses before tax came to £87.3 million (€98.9 million) for the 53 weeks to March 30th, compared to £72.8 million (€82.4 million) this time last year.
Losses were deepened by the retailer’s store closure plan, which was agreed last year under a Company Voluntary Arrangement (CVA).
Mothercare said the programme had been completed ahead of schedule, reducing its UK estate from 134 stores to 79.
Worldwide sales, which includes international franchise partners and wholesale, slipped 7.9 per cent to just over £1 billion (€1.13 million).
Mothercare Ireland is a separately owned entity and as such is unaffected by the trading results of the UK group.
Mothercare UK chief executive Mark Newton-Jones said: “We have achieved a huge amount this year, refinancing, restructuring and reorganising Mothercare to ensure a sustainable future for the business.” – PA