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Mothercare swings to profit

Mothercare has swung to a pre-tax profit in the first half of its financial year after actions taken to transform the group in recent years paid… View Article

GENERAL MERCHANDISE NEWS

Mothercare swings to profit

Mothercare has swung to a pre-tax profit in the first half of its financial year after actions taken to transform the group in recent years paid off.

The group posted a pre-tax profit of £3.6 million in the six months to 25 September compared to a loss of £13.2 million in the prior year.

Adjusted EBITDA came in at £5.6 million compared to a loss of £0.1 million a year earlier.

Meanwhile, Mothercare said its turnover declined to £41,7 million from a previous £44.4 million after Covid-19 had a significant impact on its business throughout the world. At the half year end, it still had just over 10% of partners’ global stores closed.

Looking ahead, the group said it has a strong order book from franchise partners for the autumn/winter 2022 season.

Clive Whiley, chairman of Mothercare, said: “I am pleased to announce results that demonstrate we are moving closer to unlocking the true underlying potential of Mothercare, reflecting the strong foundations we have created for the business over recent years, despite the impact that Covid-19 still has had over the period.

“With positive feedback to our new product ranges, and a lean operating structure, we enter the second half with growing confidence for our future prospects.“

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