Mothercare releases Q1 trading update

Published on: 18th July 2013

Mothercare issued its Q1 trading results, in advance of its annual general meeting, covering the 15-week period up to 13th July 2013.mothercare300

Some key figures from the update are presented below:

  • Worldwide network sales are up 4.8%, and group reported sales are down 3.4%.

  • International space is up 14% year-on-year, with 2,430k sq.ft. of retail space.

  • International retail sales are up 11.3% in constant currency, while reported retail sales are up 14.1%.

  • UK like-for-like sales are down 0.9%, helped by a solid performance from Direct in Home. Up 14.6%.

  • In line with Mothercare’s plans, UK space has been reduced by 7.7% year-on-year as 13 loss making stores are closed during the quarter.

Simon Calver, chief executive of Mothercare, said: “The UK is very promotional, and our goal is to be price competitive whilst delivering cash margin. We have continued to improve the basics of value, service and availability for our customers. Our multi-channel focus continues with a solid performance from Direct in Home, supporting our UK like-for-like sales. Whilst we still have a way to go, I am encouraged by the improving positive feedback from our customers to the necessary changes in the UK, particularly to product innovation and new clothing ranges, especially Value Essentials. As planned, we are continuing to close loss-making stores and pressing ahead with our cost-saving initiatives. Trading conditions have been challenging both in the UK and across our Eurozone markets, and are expected to remain so for the rest of the year.”

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