Mothercare losses widen due to impact of Covid-19
Mothercare has seen its full year losses widen after trading was impacted by the Covid-19 pandemic in each of its markets around the world.
In the year to 27 March, the company’s statutory loss grew to £21.5 million from £8.5 million in the previous year. In addition, turnover fell by 47.9% to £85.8 million.
International retail sales by franchise partners were also down, declining to £358.6 million from a previous £542.1 million.
Clive Whiley, chairman of Mothercare, said: “The past financial year has clearly been a challenging one, however, despite the backdrop of the pandemic, we have made a tremendous amount of progress in fundamentally transforming the group.”
“We expect 2022 to be a year of further progress as we focus upon developing our strategy and future plans to optimise the Mothercare brand globally over the next five years. These are exciting times as, notwithstanding the continued impact of the pandemic in many of our franchise partners territories, without the distractions of the last three years we are seeking to accelerate the growth of the business and the Mothercare brand.”
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