Highlights for H1 FY2013/14
- Group returns to half year profit with underlying profit before tax of £2.0 million
- Worldwide network sales up 4.4% to £637.7 million; total International sales up 13.0%1 and total UK sales down 7.5%
- International like-for-like sales up 4.8%; UK like-for-like sales (1.4%), on an improving trend from (3.4%) last year
-Underlying International profits up 13.5% to £25.2 million and underlying UK losses reduced by £2.0 million to £14.9 million
- Net debt of £48.0 million with banking facilities refinanced
- International space up 11.9% with 1,156 stores in 59 countries
- Reshaping of UK business continued with the closure of an additional 18 loss making stores and refits in some key stores
- Growth in total Direct sales, with click-and-collect now in all stores in advance of peak trading
- Award winning mobile app; mobile visits now represent 33% of all website traffic
- Further product innovation with 30% newness in our toy range for Christmas
Alan Parker, Chairman of Mothercare plc, said:
"The Group has delivered its first half year underlying profit since 2010/11. International has continued to see double-digit growth and the UK has seen losses reduced. Our geographic diversification has supported these results amid some challenging trading conditions. The business is moving to a firmer footing."
Simon Calver, Chief Executive of Mothercare plc, said:
"The benefits of the changes we are making to the business are clear, with a return to underlying profit. Our International business continues to deliver double-digit growth and the opportunities in these markets remain.
"In the UK, online sales are growing and customer surveys indicate improving satisfaction rates. The newly launched CRM capability will help us improve service levels further as we align our offer to our customers' needs. We continue to target a return to profit in the UK and the reduced UK operating loss this half year is a step in the right direction.
"We are planning for consumer spending to remain subdued in the UK during the second half of the year. We have made progress with our Transformation and Growth plan, but there is more to do. We continue to strengthen our position, becoming the world's leading mother and baby specialist."
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