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Mothercare PLC - Hemel Hempstead, England-based retailer to parents and young children - Schedules general meeting for February 10 to approve the move of its shares to AIM from the London Main Market, together with a refinancing plan that will see shareholder loans converted into shares and warrants issued. Expects to start trading on AIM on March 12.
Says net worldwide retail sales in the nine months ended January 2 were GBP258 million, down 38% from a year before. Expects full-year sales to be at least GBP320 million, with invoiced shipments of GBP80 million, though some shipments may be delayed into following year by industry-wide issues affecting container movements from Asia. Says 90% of Franchise Partners retail stores now open, excluding those in Boots pharmacies. Continues to expect to make a small annual loss before interest, tax, depreciation and amortisation.
"Group revenue is expected to return to more normal levels in the short to medium term and has the potential to grow in line with or at a rate greater than the blended rate of economic growth in our Franchise Partners' markets reflecting the higher average birth rates in a number of these markets," Mothercare says.
Current stock price: 11.05 pence, down 4.3% Monday
Year-to-date change: down 2.9%
By Tom Waite; thomaslwaite@alliancenews.com
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