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The global fashion business journal

24 May 201900:48

Mothercare first half losses widen 7 million during first semester in full restructuration

The British childrenswear retailer has almost tripled its red numbers whilst revenue dropped 10% in the period.

22 Nov 2018 — 16:50
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Mothercare first half losses widen 7 million during first semester in full restructuration

 

 

Mothercare deepens in red. The British childrenswear retailer, undergoing a thorough restructuration plan, has multiplied its losses during the first semester of the fiscal year. Within that period, ended in October, the company lost 6.2 million pounds (7 million euros), ahead of the 2.6 million pound losses (three million euros) which it scored during the same period last year.

 

Mothercare’s revenue between April and October stood at 566.1 million pounds (635.6 million euros), which down 9.8% ahead. In the United Kingdom, its local market, the company attained sales valued in 196.2 million pounds (220.3 million euros), which represents a fall of 14.3%.

 

Abroad, the group contracted its sales too during the first half of the fiscal year, situating until 98.8 million pounds (110.9 million euros), a 10.6% less than during the first six months of last year.

 

 

 

 

Mark Newton-Jones, the company’s CEO, pointed out that the results have been affected by the uncertainty that reigns among the United Kingdom’s citizens. However, he stood out the behaviour of business in international markets such as Russia, China or Indonesia.

 

Mothercare has carried on going forward in its restructuration. At the beginning of this month, the British company announced that it would lay off about 200 job positions in its Watford central offices, in the United Kingdom. The company is also creating a spin off, Mothercare Global, in order to develop a new strategy for the group. 

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