Mothercare UK like-for-like sales drop 2.8 percent

For the 12 week period to March 24, 2018, Mothercare Plc reported 2.8 percent fall in UK like-for-like sales impacted by reduced store consumer footfall. Online sales increased 2.1 percent, with website sales growth of 7.2 percent. The company said, Mothercare continued progress with store rationalisation programme, leading to total UK sales 5.6 percent lower than last year. Retail space at the end of the quarter reduced by 10.7 percent to 1.3million sq.ft. in 137 stores.

Commenting on the update, David Wood, Chief Executive Officer of Mothercare plc, said in a statement: "The UK retail trading environment remained relatively muted in the quarter, with a continuing trend of lower footfall in stores, though there was an encouraging return to growth online. In this competitive climate, promotional activity has been necessary to stimulate customer demand. My immediate priority is to ensure Mothercare is put back on a sound financial footing and to improve its financial performance. We remain in constructive dialogue with our financing partners."

International retail sales were 3.7 percent lower in constant currency and dropped 11 percent in actual). While sale growth in the Middle East ontinued throughout the period, sales in Russia were impacted by lower market footfall and the phasing of promotional activity. The company posted online sales growth of 3.4 percent in constant currency but 2.6 percent drop in actual). Retail space at the end of the quarter was 2.6 percent lower at 2.9million sq.ft. in 1,131 stores.

Picture:Facebook/Mothercare UK