Mamas & Papas predicts return to growth this year
The company has reported a pre-tax loss of £1.6 million for the year to 3 April 2011 as tough trading conditions in the UK and rising costs in the Far East took their toll. This compares to a £4.7 million profit in the previous financial year.
However, group turnover for the year rose to £135.2 million from £125.9 million in 2010.
Mamas & Papas, which was founded by husband and wife David and Luisa Scacchetti almost 30 years ago, opened six new stores in 2011 and plans to open a further six in the UK this year.
A further 20 will be opened around the world as part of plans to enter ten new markets by 2013. The group said it had established trading agreements across Europe, Asia and North America.
Finance director Jason Greenwood said: "2012 will be an exciting year for the business as we realise this overseas sales potential. In 2012 our products will be seen in destinations to include Europe, Russia, South Africa, the USA, Canada, Australia and the Gulf."
He added: "Our story for 2010-11 is a positive story of a UK-based retailer which continued to invest in its product, colleagues, customers and the UK high street.
"The business is satisfied with its performance in a trading year that saw significant investment to support a hugely successful programme of store roll outs and general expansion."
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