The group has seen like-for-like sales decrease by 6.2% up to March 31st, and plans to cut store numbers in the UK from 311 to 200 by 2015 are in progress. This move is expected to save the group around £13m a year.
As part of the turnaround plan, the group has pledged to accelerate international growth by targeting new markets and focusing on key growth regions such as China, India, the Middle East and Latin America. The consumer environment is expected to remain difficult and that, in regard to the UK, Mothercare is “planning accordingly”.
Simon Calver commented: “We have a long way to go, and the plan to bring the UK business back to acceptable levels of profitability will take three years.”